Fintech startup 50Fin has raised $550,000 in its latest funding round, with leading contributions from Arali Ventures and Nitin Gupta. Following its previous successful fundraising efforts, this investment marks another significant milestone for the company.
In a pre-seed funding round last year, 50Fin had secured Rs 4.25 crore ($500K), co-led by 100X.VC, Keynote Capital, and Arun Venkatachalam. This latest influx of capital will be instrumental in driving the company’s expansion plans and advancing its technological capabilities, according to a press release issued by 50Fin. The firm aims to bolster its distribution channels and scale up its infrastructure offerings to Non-Banking Financial Companies (NBFCs).
Established in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin provides instant loans against mutual funds and shares. The company has revolutionized the lending process, boasting a streamlined procedure that completes everything from sign-up to loan approval in just 7 minutes, without the hassle of physical documentation or CIBIL checks.
With strategic partnerships with industry giants like Fi Money and Bajaj Capital, 50Fin offers loan-against-securities (LAS) solutions to a diverse clientele. Since its last funding round, the company has experienced exponential growth, with its distribution capacity surging by over six times.
This latest investment underscores investor confidence in 50Fin’s vision and potential and positions the company for further innovation and market expansion in the rapidly evolving fintech landscape.
