FincFriends, a captive non-banking financial company (NBFC) of RupeeRedee has secured equity funding of $3.5 million from existing shareholders like Cyprus-headquartered Digital Finance International (DFI). 
This new funding brings the total raised by the digital lending platform to $11.6 million in equity, including the last round in September 2022. Shareholders will also inject another $10 million by the end of the financial year to fuel business growth. 
The investment will fuel the company's growth plans, allowing it to scale operations, expand its product offerings, and further its efforts in driving financial inclusion in emerging markets to disburse loans worth 1,000 crores in FY 23-24. 

RupeeRedee is a digital lending platform that caters to the needs of underserved customers, providing them with instant personal loans. The recent capital infusion from FincFriends will bolster its objectives to expand its credit portfolio and achieve comprehensive growth. 

This equity funding round is also in line with RupeeRedee's strategic plans to augment the business's assets under management (AUM). By increasing revenue streams, it can broaden its range of products and appeal to a wider customer base. The funding will also allow the company to allocate funds in enhancing its customer acquisition strategies to expand its customer base across India. 

"We are delighted to secure this significant equity funding, which reflects the confidence of our shareholders in our vision and the positive impact we are making in the lives of underserved consumers," said Aznabaev Roman, India Country Head of RupeeRedee. "This investment will empower us to scale our operations, expand our product offerings, and deepen our commitment to financial inclusion in emerging markets. We are excited about the opportunities ahead and look forward to creating greater value for our customers and stakeholders."
In India, the lending industry is undergoing significant transformations with the rise of digital lending platforms and fintech innovations. These platforms are revolutionising the lending landscape by offering faster loan processing, personalised solutions, and enhanced accessibility to credit for consumers, particularly the underserved segments. 
Peer-to-peer lending is gaining popularity as an alternative funding option, providing attractive investment opportunities for lenders and borrowers alike. Additionally, data analytics is playing a crucial role in reshaping risk evaluation, enabling more accurate credit assessments and expanding financial inclusion by reaching individuals previously excluded from traditional lending avenues. 
Commenting on the funding round, Ajay Chaurasia, Vice President- Marketing, Product and Business of RupeeRedee, said, "We have successfully built a consumer-first digital lending business. Our innovative product portfolio has helped us stay consistent and committed to funding India's underserved segment via a digital payment system. We are delighted to have completed our fourth equity funding round and look forward to contributing to the financial inclusion agenda of India."
RupeeRedee works with FincFriends to facilitate short-term personal loans and digital lending services. The two, founded in 2018, offer customers instant, short-term personal digital loans. 
Envisioning being a lender for all by harnessing technologies and data sciences to make lending safe, quick and frictionless for India's large populace of underserved and un-bankable customers.