RupeeRedee, a digital lending platform, has raised close to $6 million (approx INR 42 crore) from a parent company- ‘Digital Finance International‘ (DFI), which is based out of Russia, reported ET.
With the fresh financing, the digital lending platform RupeeRedee will upgrade its technology and backend processes to smarter evaluation of maiden borrowers, and expanding its lending operations.
Jitin Bhasin, Managing Director, RupeeRedee said that the e-lending platform 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.
RupeeRedee aims to make lending more secure, fast and glitch-free for its customers. The platform also runs a digital NBFC- FincFriends Pvt Ltd as its group entity.
The e-lending platform RupeeRedee said that it is also growing its team and actively forging new partnerships in digital and point of sale lending.
Bhasin also said, “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 aid 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.”
The website of RupeeRedee claims that it is now attracting over 1 million visitors per month through its website and mobile app from across 25 cities in India.
It also claims to have engaging over 10,000 loans per month and it follows a 100 per cent paperless process of disbursing loans to customers at an average time period of 10 minutes.
Some of the lending platforms in the startup ecosystem include LendingKart, Groww, Aye Finance, Clix Capital, Bank Bazaar, among many others.