Bengaluru-based P2P lending company Finzy has reportedly secured an amount of $2.3 million in funding, which included the first tranche of $1.3 million raised in March this year. In this tranche, the company raised the remaining $1 million.
The names of the investors have not been revealed, however, the company stated that senior professionals of the banking and financial services industry and successful entrepreneurs took a part in the funding round.
These funds raised by the P2P firm are being planned to be deployed in the geographical expansion, technology investment and stronger distribution networks.
“Our seed investors also participated in this Pre-Series A round at more than 4 times valuation as compared to the seed round. This round will help us scale our business closer towards break even,” said Amit More, Founder & CEO, Finzy.
Founded in 2015 by Amit More, Finzy aims to transform the world of peer to peer lending. The company connects borrowers with investors and makes the entire process simpler and hassle-free.
“Currently, Finzy is a team of 60 passionate colleagues working towards a single minded objective of providing a hassle free experience to our borrowers and create a new sustainable asset class for our lenders,” Amit added.
The company is further planning to take forward a Series A funding round in March next year. It mentioned its disbursements have increased immensely over the last six months and will grow by three times by end of March next year.