50Fin, an Indian financial technology firm, has announced the successful closure of its recent pre-seed funding round.
The company has raised an impressive INR 4.25 crore ($525,000) in this round, which was led by 100X.VC, Keynote Capital, and Arun Venkatachalam, according to a report from Entrepreneur India.
A host of angel investors also participated, including KRS Jamwal, Aniket Nikumb, Manish Kumar, Sumit Khadria, Rajesh Sawhney, and Dinesh Agarwal, among others.
In the bustling world of FinTech, 50Fin has carved out its niche by offering instant loans against mutual funds and shares to its customers. Operating with an aim to transform the secured credit landscape in India, the company currently is in the process of integrating its platform with leading Asset Management Companies and Portfolio Management Services. Additionally, the firm is on a mission to disburse INR 100 crore loans by the end of the current financial year.
50Fin intends to channel the newly raised funds towards the further enhancement of its embedded solutions and to bolster its product portfolio and customer service. The company’s commitment to revolutionise the financial landscape, combined with its vision for the future, sets the stage for exciting advancements.
Beyond the details of the funding round, 50Fin has received praise from the market. Its innovative solutions, such as the fully digital process for instant underwriting of mutual funds and shares, have earned a positive response from users.
50Fin CEO Aditya Prasad said, “When we started, we knew we wanted to create a niche in the market. Today, we take pride in streamlining the loan disbursement process for customers. We have received a positive response from our users, and this motivates us that we are on the right path.
“We are grateful to the industry stalwarts for believing in us and supporting us in our growth journey. We are looking forward to a progressing future and shall continue to stay focused on our mission of democratising and digitising secured credit for Bharat.”
Also, angel investor KRS Jamwal noted, “50Fin has talented and grounded Founders whose digital platform simultaneously promotes both equity ownership and access to credit, without having to choose between the two, to the under-served middle to low-income households.”
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