RupeeRedee's loan provider FincFriends raises $3.5M in a funding from Digital Finance International

Fintech startup FincFriends, a subsidiary of EV-focused NBFC firm RupeeRedee, has raised $3.5 million in an equity funding round from existing shareholder Digital Finance International.

The total amount raised by the digital lending platform so far stands at $11.6 million in equity and $1.3 million in debt.

The firm said that the funding would be used to ramp up growth plans, scale operations, expand product offerings, and scale customer base and credit portfolio. FincFriends plans to disburse loans worth Rs 1,000 crore in FY 23-24.

Founded in 2018, RupeeRedee is a fintech platform that works with FincFriends to facilitate short-term personal loans and offer digital lending services.

RupeeRedee and FincFriends have been facilitating digital personal loans to the country's large underserved masses, including salaried, self-employed, first-time borrowers and those rejected by other financial institutions.

According to the FincFriends website, The company offers cash loans up to Rs 25,000 with an annual interest rate starting from 30% for a tenure of up to 3 months.

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