Finzy, an India-based peer-to-peer lending platform announced on Wednesday it secured $1.3 million through its Pre-Series A funding round. Founded in 2016, Finzy describes itself as a premier peer-to-peer lending solution that connects borrowers looking for quick personal loans with low-interest rates to investors who are looking for a new asset class that provides fair returns.
“Finzy is a non-hierarchical, self organised set-up. We have cross-functional teams continuously striving to achieve ambitious business goals that encompass all aspects of finance, keeping our users at the centre of what we do.Our business is powered by an energetic sales & operations team, a tech team that works on an innovative digital platform and a strong credit risk assessment team that uses our proprietary credit assessment algorithm to ensure that the right borrowers are on the platform.”
Amit More, CEO of Finzy, reportedly stated:
“We have maintained a very focused customer-centric approach while designing our products and processes. As a result, in our first 10 months of operations, we haven’t had a single default in any borrower EMI.”
The funds from the Pre-Series A funding round will go towards Finzy platform’s growth and development.