Non-banking finance company FincFriends has raised $ 1 million in debt funding from Eclear Leasing & Finance. FincFriends has its app and lending platform — RupeeRedee, which is used for lending to customers.
“The company aims to use the debt sanctioned by lenders in tranches for business expansion, growth and effective cashflows,” it said in a statement.
FincFriends aims to use the debt to build its loan book and replace the need for equity infusion at the present stage of business, it further said.