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RupeeRedee’s captive NBFC FincFriends raises $7.8m in funding

By Gloria Mathias

April 17, 2024

  • digital lending in India
  • FincFriends
  • fintech funding
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FincFriends, the captive non-banking financial company (NBFC) of the digital lending platform RupeeRedee recently closed its funding round.

As part of it, the company has raised $2 million in equity and $2.8 million in the form of ECB from its existing shareholders, APV Management Pte Ltd.

Additionally, FincFriends has also raised $3 million in debt from InCred Finance and Grow Money Capital. The total amount raised by the company last financial year stands at $11.6 million in equity and $1.3 million in debt. Now, the company’s total fundraising stands at $ 13.6 Million in Equity, $ 3.5 Million in ECB, & $ 4.3 Million in Debt.

“InCred’s collaboration with FincFriends underscores our dedication to offering customised liquidity solutions for businesses, fostering financial inclusion, and empowering communities. Through this partnership, we actively support FincFriends’ mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future.” said Mohit Gandhi, Head of Financial Institution Lending, InCred Finance.

“We have always invested in companies committed to driving meaningful societal change. We have witnessed RupeeRedee via its captive NBFC FincFriends, supporting initiatives bridging gaps in financial resource access. Hence, we have not only invested in a digital lending platform but also the upliftment of communities and individuals striving for a better tomorrow,” said Karan Jairath, Head-Credit Grow Money Capital.

The recent capital raised will be allocated towards the company’s growth to accelerate the expansion of its current product offerings and simultaneously scale operations, for driving financial inclusion in emerging markets.

The company will strategically utilise the funds to bolster its customer base and amplify its credit portfolio, solidifying its position as the key financial lending platform.

Roman Aznabaev, CEO of RupeeRedee said, “We’re elated to secure significant Equity, ECB, and Debt Funding, which demonstrates the confidence and trust that our shareholders have showcased in our vision and commitment to build a financially inclusive lending ecosystem. As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike.”

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