[Funding alert] Digital lending startup RupeeRedee raises $6M from Digital Finance International
RupeeRedee, a Gurugram-based new-age digital lending platform leveraging state-of-the-art technology and data sciences to make lending safe, quick and hassle-free for the underserved customers, has raised close to $6 million.
The funds have been raised from its parent company Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Russia, a diversified private equity group focused on Fintech.
RupeeRedee also has a digital NBFC, FincFriends Pvt Ltd as its group entity, enabling the issuance of loans and has also created an online brokerage platform, originating loans for other partners NBFCs.
RupeeRedee has 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. The platform now plans to enhance its technology and backend processes to better evaluate new borrowers thereby expanding its lending operations.
In a statement, RupeeRedee said it is also growing its team and actively forging new partnerships in digital and point of sale lending.
Jitin Bhasin, Managing Director, RupeeRedee and FincFriends, said,
“There are millions of salaried as well as self-employed borrowers in the country who need financial assistance but most lenders in India remain reluctant to aid them in the absence of strong credit histories, thus leaving large masses underserved. We are here to help this segment of people get easy access to flexible, small-ticket loans backed by a transparent fee structure. We are creating a ‘Product Ladder’ to help the customers move up the credit curve.”
RupeeRedee has been actively facilitating small ticket, flexible personal loans for over a year and is now attracting over 1 million visitors per month through its website and mobile app from across 25 cities in India. The company claims to have facilitating over 10,000 loans per month driven by a completely online and secure process.
The startup also claimed that it follows a 100 percent paperless process of disbursing loans to customers at an average time period of 10 minutes.