A Bengaluru-based P2P lending platform raises USD 2 mn to strengthen its technology
Finzy, a Bengaluru based P2P lending platform has raised USD 2 MN as a bridge to USD 10 mn Series A round.
The company will use the funding to strengthen its technology and enhance product offerings for its lenders and borrowers.
Finzy launched in June 2017 is one of the most consistent platforms in Indian P2P lending space and offers personal unsecured loans starting at lowest interest rate of 7.99 per cent per annum.
Commenting on the development, Amit More, CEO & Founder, Finzy said “We have raised this bridge round from our existing investors. We are in documentation stage with a Silicon Valley based technology fund and expect our Series A to close within a couple of months. To save excessive dilution at an early stage, we would limit our Sereis A raise to USD 10 mn though we have demand for a much higher investment number.”
Finzy claims to have more than 1 lakh customers and the largest outstanding loan book amongst all P2P platforms in India.