Latest News | Finzy Raises USD 2 Mn to Expand Business

New Delhi, Nov 2 (PTI) Peer-to-Peer (P2P) lending platform Finzy has raised USD 2 million (about Rs 14.9 crore) to fund its business growth.

The company will use the proceeds to strengthen its technology and enhance product offerings for its lenders and borrowers, Finzy said in a statement.

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Launched in 2017, Finzy offers personal unsecured loans starting at a low interest rate of 7.99 per cent per annum.

"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" Finzy CEO Amit More said.

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To save excessive dilution at an early stage, the company would limit Series A to USD 10 million though there is a demand for a much higher investment number, he said.

Finzy claims to have more than 1 lakh customers and the largest outstanding loan book amongst all the P2P platforms.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)