New Delhi, May 5: Consumer debt relief platform FREED has raised USD 2.8 million in a funding round led by Inflection Point Ventures.
The round saw participation from Multiply Ventures, Chandigarh Angels Network, Lead Angels, Hyderabad Angels, The Chennai Angels, and a clutch of high networth individuals, according to a statement.
The funds will be utilised to bolster the team across verticals, build the tech stack to roll out new and differentiated debt relief products/services to scale up customer acquisition and brand promotion initiatives.
“FREED…Comprehensive consumer debt relief platform has raised USD 2.8 million in a pre-series A round led by Inflection Point Ventures,” the statement said.
FREED aims to bring borrowers seeking debt resolution and lenders on a neutral platform to amicably resolve the debt given the financial hardship faced by such borrowers, according to the company.
“FREED is the only debt relief platform in India that enables a person to clear their debt smoothly and even reduces the payment amount with their domain expertise, thus giving the customer a chance to improve their credit rating and ultimately be debt free,” Vinay Bansal, Founder and CEO, Inflection Point Ventures said.
IPV aims to extend their support in helping FREED strengthen its services and marketing plan, Bansal added.
Inflection Point Ventures is an angel investing platform that brings together over 6,800 CXOs, HNIs (high networth individuals) and professionals to invest in start-ups.
The firm supports new-age entrepreneurs by providing them monetary and experiential capital and connecting them with a diverse group of investors. (PTI)
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