Finzy raises USD 1.3 million at Pre Series A funding
Bangalore, April 03, 2018: Finzy, India's fastest growing peer to peer lending platform, has raised USD 1.3 million in first round of Pre Series A from investors in the industry. A second round of fundraising is expected to close with pre-identified set of investors within the next 60 days.
The company will use the funding to accelerate growthby investing in technology, making the processes leaner and faster and inbuilding the team. A significant amount of the funding will also be utilizedfor geographical expansion across Tier I cities to take finzy’s valueproposition to a wider audience.Finzy is a digital platform that offers easy, secure, and quick process to itsborrowers to get loans at personalised rate of interest. The platformhelps its lenders to earn monthly returns higher than most other asset classes.Commenting on the development, Amit More, CEO & Founder, Finzysaid, “Our investors firmly believe in the team, our product positioning andscalability of solution that we offer to our lenders and borrowers. Wehave maintained a very focused customer centric approach while designing ourproducts and processes, as a result in our first 10 months of operations we donot have a single default in any borrower EMI.”Finzy is the first applicant for NBFC P2P license after RBI published itsMaster Directions on P2P lending industry in October 2017.
AbhinandanSangam, Co-founder & CTO, Finzy said, “We are investing in newer technologies to scalethe business and enhance customer experience. Our customers love us for thetransparency and simplicity. We offer our borrowers complete flexibility ofprepayments without any additional charges. We provide consistent 16% plusreturn to our lenders from their investment spread across granular loans. ”