Finzy helps connect verified borrowers looking for an affordable personal loan with investors looking to invest in a new risk-optimised asset class
Finzy, a peer to peer lending platform, has raised $1.3 million in first round of pre-Series A from undisclosed group of investors.
A second round of fundraising is expected to close with pre-identified set of investors within the next 60 days, the company said in a statement.
Finzy 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.
Started last year in Bangalore, Finzy helps connect verified borrowers looking for an affordable personal loan with investors looking to invest in a new risk-optimised asset class through a proprietary credit assessment algorithm and granular diversification.
Commenting on the development, Amit More, CEO and Founder, Finzy, said: “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.”