50Fin raises $525k in pre-seed round led by 100X.VC

Financial technology platform 50Fin has secured Rs 4.25 crore in a pre-seed funding round co- led by 100X.VC, Keynote Capital and Arun Venkatachalam. The round also saw participation of KRS Jamwal, Aniket Nikumb, KredX founder Manish Kumar, Sumit Khadria, Rajesh Sawhney, IndiaMart founder Dinesh Agarwal, and others.

The company plans to utilise the funds for further development of its embedded solutions and improving its product portfolio and customer servicing, 50Fin said in a press release.

Co-founded in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin offers instant loans against mutual funds and shares to customers. The company has streamlined the entire loan process, completing everything from sign-up to loan approval in just 7 minutes and eliminated the need for physical documents and CIBIL checks.

According to 50Fin, its platform allows investors to access credit against their portfolios in a swift and efficient manner. 50Fin claims that it is integrating its platform currently with leading asset management companies and portfolio management services. The company aims to disburse Rs 100 crore loans by the end of the current financial year.

100X.VC recently announced that it has funded 22 startups through Class 09. Some of the notable startups in Class 09 include abCoffee, Airbook, Bansiwala, and BreatheESG. Rannkly was also a part of the batch.