Digital lending platform Finnable has raised nearly $57 million (Rs 500 crore) in equity funding from Z47 and TVS Capital, it announced on Tuesday.
The investment will help Finnable expand its product portfolio, deepen partnerships with employers and financial institutions, and invest further in technology and data science, it said in a statement.
“Finnable has shown that lending at scale can be both sustainable and socially meaningful. We’re now focused on serving over 1 million customers in the next four years and expanding our loan book to ₹10,000 crore, continuing to drive social good at scale,” said said Amit Arora, co-founder, Finnable.
Founded by Nitin Gupta and Amit Arora, Finnable uses data-driven insights and a disciplined credit approach to provide quick and responsible loans for working professionals. The company’s model combines digital underwriting and instant approvals with in-person verification and collections.
“Finnable was built to solve a real gap. Today, we’ve built a business that earns trust before it earns scale,” said Nitin Gupta, CEO and co-founder, Finnable. “Millions of salaried professionals fall through the cracks of formal credit despite being financially disciplined. We built a model that serves them responsibly, at scale, and profitably. Our first-time BBB+ rating is proof that fintech can be both fast and financially sound.”
The company claims to have kept its GNPA at 1.1% and grown its assets under management to Rs 3,100 crore. Finnable also said that it turned profitable last year.
“We are proud to double down on our partnership with them as they continue scaling their business and introducing new loan products designed around customer life goals—ensuring financial empowerment for India’s rising professionals,” said Vikram Vaidyanathan, Managing Director at Z47, added.
