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Full stack fintech platform, WeRize on Thursday announced the fundraising of $15.5 million (around ₹120 crore) from a host of investors. The company plans to accelerate growth through this fresh capital.
Among the investors were - British International Investment (BII), a financial institution of the UK government - formerly known as CDC group, and Sony Innovation Fund. Existing investors were Kalaari Capital and Picus Capital.
WeRize plans to utilise the funds for accelerating growth by building new financial products for its customers, expanding and improving the technology platform as well as onboarding freelancers in more than 1,000 new towns it is set to enter, as reported by PTI.
With the latest fundraising, WeRize has raised a total sum of $25.75 million.
WeRize, India’s first socially distributed full-stack fintech platform for middle-class families in tier 2-4 cities, has been able to distribute financial services through freelancers without any of its own feet-on-street/local branches
The company takes care of both manufacturing and distribution of a wide portfolio of customized credit, insurance, and savings products for 300 million individuals spread across over 4000 Tier 2 to Tier 4 towns.
Using the “Social Shopify of Finance" platform, WeRize has enabled thousands of financially literate freelancers in over 1,000 cities to sell their financial products in their social circle. This solves trust issues as well as provides high-touch sales/after-sales.