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FREED fintech startup secures $7.5m in Series A funding

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TLDR:

  • FREED, a debt relief platform, raised USD 7.5 million in Series A funding led by Sorin Investments and Multiply Ventures.
  • The funding will be used to accelerate growth, deepen impact, and continue pioneering advancements in debt relief.

FREED, a fintech startup based in Gurugram, has successfully raised USD 7.5 million in Series A funding. The round was led by Sorin Investments and Multiply Ventures, with participation from Piper Serica and other funds. This follows a previous pre-series A investment in 2022 where the company raised USD 2.8 million with the help of Inflection Point Ventures, Chandigarh Angels Network, Multiply Ventures, and other investors.

The founder of FREED, Ritesh Srivastava, expressed excitement about the investment, stating that it validates their mission and provides resources to expand their reach and impact. The funding will be used to enhance technology, scale operations, and make a meaningful difference in the lives of many individuals struggling with debt.

Founded in 2020, FREED offers credit education, repayment simulations, spend analytics, and customized budgeting to individuals with stressed retail debt. The platform has enrolled over INR 1,200 crore in debt from more than 25,000 customers across India. Sanjay Nayar, the Founder and Chairman of Sorin Investments, emphasized the company’s commitment to helping those in debt navigate their financial challenges and live without fear of harassment.

The partnership with Sorin Investments and Multiply Ventures signals a new phase of growth and impact for FREED in the debt relief landscape. With a focus on technology innovation and social impact, FREED aims to continue breaking new ground and providing solutions for individuals struggling with debt.

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