P2P lending firm Finzy raises $1.3M in pre-Series A funding

Peer to peer lending platform Finzy has raised $1.3 million in the first round of pre Series A funding. The second round of fundraising is expected to close with a pre-identified set of investors within the next 60 days.

The fresh funding will be used 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 utilized for geographical expansion across Tier I cities to take Finzy’s value proposition to a wider audience.

“We are investing in newer technologies to scale the business and enhance customer experience....We provide consistent 16 percent plus return to our lenders from their investment spread across granular loans,” Abhinandan Sangam, Co-founder and CTO, Finzy, said.

Bangalore-based Finzy is a digital platform that offers easy, secure and quick process to its borrowers to get loans at a personalised rate of interest. The platform also helps its lenders to earn monthly returns higher than most other asset classes.