Finzy closes $2.3 mn funding round

Finzy, a peer-to-peer lending platform, today said it has raised USD 2.3 million from various senior professionals in the banking and financial services industry and entrepreneurs.

The pre-series A round, which also includes USD 1.3 million raised in the first tranche in March 2018, will be used to fund the company's geographical expansion, technology investment and stronger distribution networks, it said in a statement.

"This round will help us scale our business closer towards break even. Currently, Finzy is a team of 60 passionate colleagues working towards providing a hassle free experience to our borrowers...We do not have even a single NPA till date," Finzy founder and CEO Amit More said.

Finzy said its monthly loan disbursements have grown more than 2X in the last six months and is expected to grow by an additional 3X from here on by March 2019. The company plans to raise additional funds under series A early next year.