Fast growing peer to peer (P2P) lending platform Finzy on Tuesday announced that it 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 growth by investing in technology, making the processes leaner and faster and in building the team.
A significant amount of the funding will also be utilised for geographical expansion across Tier I cities to take Finzy's value proposition to a wider audience.
Finzy is a digital platform that offers easy, secure, and quick process to its borrowers to get loans at personalised rate of interest.
The platform helps its lenders to earn monthly returns higher than most other asset classes.
"Our investors firmly believe in the team, our product positioning and scalability of solution that we offer to our lenders and borrowers. We have maintained a very focused customer centric approach while designing our products and processes, as a result in our first 10 months of operations we do not have a single default in any borrower EMI," said Amit More, CEO and founder, Finzy.
Finzy is the first applicant for Non-Banking Financial Company (NBFC) P2P license after the Reserve Bank of India (RBI) published its master directions on P2P lending industry in October 2017.
"We are investing in newer technologies to scale the business and enhance customer experience. Our customers love us for the transparency and simplicity. We offer our borrowers complete flexibility of prepayments without any additional charges. We provide consistent 16 percent plus return to our lenders from their investment spread across granular loans," said Abhinandan Sangam, co-founder and CTO, Finzy.
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