E-lending space RupeeRedee raises almost $6 million from Russia-based parent firm Digital Finance International

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...

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.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Rahane all set to move to DC; RR look to get Markande, Tewatia

By Baidurjo BhoseNew Delhi, Nov 14 (IANS) India's Test deputy Ajinkya Rahane's move to Delhi...

Ayodhya saint held for remarks on TV debate

Ayodhya, Nov 14 (IANS) Mahant Paramhansdas, who had made some highly derogatory remarks on a TV channel against the Ram Janambhoomi Nyas head, Mahant...

Maharashtra: BJP-Sena split unites a divided Congerss-NCP

By Quaid NajmiMumbai, Nov 14 (IANS) Congress Interim President Sonia Gandhi is said to be a happy woman, smiling and grinning from ear-to-ear over...

36 women register online for Sabarimala pilgrimage

Thiruvananthapuram, Nov 14 (IANS) With a fresh two-month-long Sabarimala season all set to open on Sunday, as many as 36 women have registered through...

‘Saand Ki Aankh’ special screening organised on Children’s Day

Pune, Nov 14 (IANS) A special screening of the recently released Taapsee Pannu and Bhumi Pednekar-starrer "Saand Ki Aankh" has been conducted for students...
- Advertisement -

More Articles Like This