India-based digital lending platform RupeeRedee has raised $6 million from its parent company, Russia’s Digital Finance International, a member of Finstar Financial Group, according to an announcement.
The company said that it raised the funds from Digital Finance International over a period of time. RupeeRedee extends loans through its partner institutions and has a digital NBFC as a group entity as well.
The capital raised will be used to enhance its technology and backend processes to better evaluate new borrowers, thereby expanding its lending operations.
Gurugram-based RupeeRedee, which launched its operations in 2018, is a new-age digital lending platform that leverages state-of-the-art technology and data sciences to make lending safe, quick and hassle-free for India’s underserved customers.
The company claims it is now attracting over 1 million visitors per month through its website and mobile app from across 25 cities in India. It is processing over 10,000 loans per month.
“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.
In May, digital lending startup Happy had raised $20 million in a fresh round of funding from a clutch of strategic investors in India and the US, and financing lines from institutions including DMI Finance.
Meanwhile, lending start-up Ftcash raised ₹50 crore in a Series A round led by two new investors — Dutch development finance institution FMO, and Accion International, a US-based non-profit investor focused on fintech startups.