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Finzy, a P2P lending platform, has raised $2 million as a bridge to $10 million Series A round.
The company will use the funding to strengthen its technology and enhance product offerings for its lenders and borrowers. Finzy was launched in June 2017 and offers personal unsecured loans with interest rates starting at 7.99 per cent per annum.
Commenting on the development, Amit More, CEO and Founder, Finzy said “We have raised this bridge round from our existing investors. We are in the 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 Series A raise to $10 million 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. In 2018, the company has raised $2.3 million pre-series A funding from a clutch of senior professionals from the BFSI industry.
Some of the existing players in the P2P lending space include Faircent, LenDenClub, Paisa Dukan, and RupeeCircle, among others. Fintech unicorns like BharatPe and Cred have also recently entered the P2P lending space in India by launching '12% Club' and 'Cred Mint', respectively.
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