Fintech startup 50Fin has secured $550,000 in its latest funding round spearheaded by Arali Ventures and Nitin Gupta.
Previously, it had secured Rs 4.25 crore ($500K) in a pre-seed funding round co-led by 100X.VC, Keynote Capital and Arun Venkatachalam. T in July last year.
The new influx will help 50fin to fuel its expansion plans and technological advancements, the company said in a press release. The firm also looks to expand distribution and scale infrastructure offering to NBFCs.
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 without the need for physical documents and CIBIL checks.
50Fin has cemented strategic partnerships with industry giants such as Fi Money and Bajaj Capital, offering LAS solutions to a diverse clientele.
The company claims to have experienced exponential growth since the last funding round as its distribution capacity has surged by over six times.
