New-age digital lending platform RupeeRedee has now secured close to $6 million. These funds have been raised over a period of time 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, it said in a statement. It actually helps its customers build their credit histories to enhance their ability to borrow on efficient terms. The platform now plans to enhance its technology and backend processes to better evaluate new borrowers thereby expanding its lending operations, it added. RupeeRedee is also growing its team and actively forging new partnerships in digital and point of sale lending.
“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 aide 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. We are witnessing tremendous response to our products and are committed to using our investments to further bolster our commitment towards helping the credit under-served population in India achieve financial freedom.” said Jitin Bhasin, Managing Director, RupeeRedee and FincFriends.
Gurgaon-based 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 has grown rapidly and is now facilitating over 10,000 loans per month and aims to help customers deal with unexpected financial emergencies through safe, instant and hassle-free loans driven by a completely online and secure process.
RupeeRedee envisions becoming a unique technology-based, big-data-driven, mobile-first alternative financial services organization and positioning itself as a ‘Lender All’ rendering financial products at various price points, it said.