Finzy raises another one million in a preseries A round

Online peer to peer lending startup Finzy has raised $2.3 million in its preseries A round, including the first tranche of $1.3 million raised in March this year. The company did not disclose the names of the investors but just mentioned that senior professionals of the banking and financial services industry and successful entrepreneurs participated in the round. The company plans to use the funding for geographical expansion, technology investment and stronger distribution networks.

“Finzy continues to grow at a stellar pace month on month in this nascent and exciting industry. Our seed investors also participated in this Pre-Series A round at more than 4 times valuation as compared to the seed round. This reflects our investor’s confidence in Finzy’s positioning, progress and potential. This round will help us scale our business closer towards break even. Currently, Finzy is a team of 60 passionate colleagues working towards a single minded objective of providing a hassle free experience to our borrowers and create a new sustainable asset class for our lenders.," said Amit More, Founder & CEO, Finzy.

The platform which is planning to raise a Series A round in March next year said that its disbursements have doubled over the last six months and will grow by three times by end of March next year.