FincFriends Private Limited, a captive NBFC of RupeeRedee has closed its second round of equity funding with $1.1 million raised from existing stakeholder – Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Russia. The company aims to leverage the capital to expand its customer base, improve offerings and increase the depth of its digital NBFC’s portfolio.

Incepted in 2018, FincFriends Private Limited had previously raised $6 million in 2019 from Digital Finance International, its parent company. FincFriends Private Limited, which is one of the first 100% digital NBFCs registered with RBI. The capital will be utilized in diversifying the NBFC’s portfolio in lending and serving more customers.

Vladimir Borisov from Digital Finance International commented, “India is a growing market and we invested in 2018 to grow the business further but due to the pandemic, the lending segment was affected very widely. While the recovery in 2021 has been great. FincFriends has increased its portfolio via its lending platform RupeeRedee, which has got good attraction from customers. With technology, we are trying to reach the masses and serve them in fulfilling their lending needs. It was time to add more fuel in our business to reach the next milestone and become the first choice of customers. So, we have invested another $1.1 million for growth.”

RupeeRedee is a digital lending platform offering a completely digital experience to its customer with the help of technology and data sciences to make digital lending safe, quick and hassle-free for India’s massive populace of underserved customers. The start-up aims to establish itself as a ``One stop solution for your Lending needs”’ with its extensive range of offerings of short-term personal loans.

Delighted with the fund acquisition, Artem Andreev, Country Head of FincFriends &  RupeeRedee said, “We are very excited to grow our business multifold as we are getting more and more applications for loans every day. With this funding, we will be able to serve more customers and increase our customer base as well. We are also looking for FinTech partnerships for our NBFC to diversify our customer base. To increase our portfolio, we are looking forward to a few more debt funding in the coming months.”

RupeeRedee has been actively lending instant short-term personal loans to over 400K customers across PAN India. The digital lending platform receives 1 Million visitors on its website and app each month and is processing good no of online loans every month at an average of 10 minutes. The platform aims to facilitate lending for the customers underserved by banks such as salaried and self-employed customers.