Personal loan NBFC FincFriends raises $7.8 million from InCred Finance, Grow Money Capital, others
Summary
Digital lending platform RupeeRedees captive non-banking financial company (NBFC) FincFriends has raised $7.8 million in its latest funding round. The remaining $3 million was raised in debt from InCred Finance and Grow Money Capital. 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, said Roman Aznabaev, CEO, RupeeRedee.InCreds collaboration with FincFriends underscores our dedication to offering customized 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 Financial Institution Lending InCred Finance.Importantly, the growth in unsecured personal loans has slowed following the Reserve Bank of Indias (RBI) increase in risk weight on personal loans in 2023.
Funding
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