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FincFriends Private Limited, a captive NBFC of RupeeRedee , has raised $3.5 million in an equity round from existing shareholder Digital Finance International, headquartered in Cyprus.

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 latest investment will be used to accelerate growth plans, scale operations, expand product offerings, and further efforts to drive financial inclusion in emerging markets, said the Gurugram-based company. It aims to disburse loans worth Rs 1,000 crore in FY23-24.

The funds will also be used to bolster customer base across India, expand credit portfolio, and achieve comprehensive growth, the company stated.

“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, RupeeRedee.

<figure class="image embed" contenteditable="false" data-id="522418" data-url="https://images.yourstory.com/cs/2/e641e900925711e9926177f451727da9/Screenshot2023-07-31at11-1690781480089.png" data-alt="Sunny Mittal, Head- Legal & Compliance; Ranjan Kumar- Head- Accounts & Finance; Roman Aznabaev- County Head (India); Ajaya Kumar Sahoo- COO, Ajay Chaurasia- Vice President- Business, Marketing & Product; Alexander Zabolev- Head- Operations, RupeeRedee" data-caption="

The RupeeRedee team (L to R): Sunny Mittal, Head – Legal &amp; Compliance; Ranjan Kumar, Head – Accounts &amp; Finance; Roman Aznabaev, County Head (India); Ajaya Kumar Sahoo, COO; Ajay Chaurasia, Vice President – Business, Marketing &amp; Product; Alexander Zabolev, Head, Operations

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“This investment will empower us to scale our operations, expand our product offerings, and deepen our commitment to financial inclusion in emerging markets,” he added.

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

In FY2020-21, RupeeRedee’s loan disbursals amounted to Rs 80 crore. This rose to Rs 250 crore in FY21-22 and Rs 500 crore in FY22-23.