AI finance platform corporations Afinit said on the 10th that it closed a 32 billion won series E funding round. With Afinit known to be planning an initial public offering (IPO) this year, the round is viewed as a pre-IPO raise.
In this funding, new financial and strategic investors including Double Capital, Mirae Asset Venture Investment, Smilegate, Big Move Ventures, and Hana Venture Investment joined existing backers such as Groom Investment and Kolon Investment.
Afinit is a nonbank financial company (NBFC) licensed by the Central Bank of India (RBI) and operates the AI finance product brokerage platform "True Balance." The company consolidates financial companies and users to provide products such as payments, loans, and insurance, with an average monthly brokerage volume of about 5 billion rupees (about 80 billion won) and a cumulative brokerage volume topping 2.6 trillion won.
Investors rated highly Afinit's AI Fintech technology competitiveness proven in the Indian market, its stable performance, and the high growth potential of India's Fintech market. Afinit posted 146 billion won in revenue and 11.6 billion won in operating profit in 2024, building a profit-focused management structure. In 2025, revenue is expected to be 165 billion won with operating profit of 30 billion won.
Afinit plans to focus the new capital on expanding partner financial companies in India, strengthening new financial product businesses such as insurance, and hiring talent to advance its AI technology.
An Afinit official said, "Afinit has established itself as an AI finance platform that all financial companies in India can use," and added, "Based on our AI recommendation system and alternative data analysis capabilities, we aim for average annual growth of more than 20% over the next 10 years in India's mobile finance market."
According to Boston Consulting Group (BCG), India's Fintech market is projected to grow from about $20 billion (about 29.2 trillion won) in 2023 to about $200 billion by 2030. In particular, the spread of mobile finance is significantly improving access for financially underserved groups such as small merchants and sole proprietors.