Chennai 19th December 2022 – Chennai-based Finconvenio Services Private Limited which distributes third-party financial services products through their phygital network Finequs, has raised Rs 12 crores (USD 1.5 Mn) in a pre-Series A1 funding from payment technology leader Opus Software Solutions Private Limited.
A spokesperson for Finequs confirmed the completion of the transaction and the fulfilment of the funding modalities. Finequs will use the money for scaling up operations across the vast network of merchants enabled on the platform across the country, and will focus on recruitment, merchant engagement, technology and targeted marketing initiatives towards leveraging and further scaling up the network, the spokesperson said.
“Finequs is committed towards ensuring that the power of financial empowerment is available for all. There is a huge mismatch between the demand for financial services, such as loans, and the ability of lenders to cost-effectively reach the demand. Finequs has created a massive railroad, wherein financial services can be availed of at any retail outlet or kirana store, on any street in the country. With the Finequs platform and technology we can assist lenders reach every nook and corner of the country, without having to open branches” said Krishnan Vaidyanathan, Founder and CEO, Finequs.
The company was set up in 2019 by Krishnan after a long stint in the banking industry and a short foray in entrepreneurship which he exited successfully. Finequs was formed with an idea to serve the underserved segments. ”Finequs is a transformational phygital model of distribution- asset-light and technology intensive- and we are here to transform the lives of millions, by bringing them to financial services mainstream” added Krishnan.
“Finequs has an extensive railroad for an effective distribution for financial products and uses the physical presence of retail shop-owners to facilitate financial services for those who need it. I am excited by how technology is being leveraged to solve the common man’s problems and enable ubiquitous and easier credit access for the underserved. Finequs complements our other investment in companies such as PhiCommerce, nStore, Optimus and PiGreen in enabling open digital infrastructure in India “said Ramesh Mengawade, Executive Chairman, Opus
Finequs has enabled more than 1 million outlets across the country on the platform and signed up with 50+ lending institutions to give potential borrowers the best suited loans and other financial services options, basis their profile and financial credentials. “We thank Opus for the support and funding for our business vision. Their technological prowess and proven expertise will greatly enhance our capabilities” said Krishnan post the completion of the transaction.
Finequs is an early-stage fintech start-up headquartered in Chennai. Founded in 2019, Finequs has been recognised and is a part of many elite cohorts in the start-up milieu. These include CIIE.CO, the startup platform built at IIM Ahmedabad, GUSEC, #startupindia , StartupTN, Newchip and 10,000 Start-Ups ( a Nasscom Initiative).
For further details contact:
Company Name: Finequs- Finconvenio Services Private Limited
Contact Person: Krishnan Vaidyanathan
State: Tamil Nadu