Freed, a consumer debt relief platform, announced it raised $2.8 million in a pre-Series A funding round led by Inflection Point Ventures.

The round saw the participation of Multiply Ventures, Chandigarh Angels Network, Lead Angels, Hyderabad Angels, The Chennai Angels and a group from HNI.

Funds raised will be used to strengthen the team across all verticals, build the technology stack to deploy new and differentiated debt relief products/services to scale up customer acquisition and debt promotion initiatives. brand.

Freed, founded by Ritesh Srivastava, is also developing a proprietary credit scoring algorithm for Near First/Alt A borrowers by leveraging data on borrower behavior during the DSP program. It aims to disrupt and organize the current retail debt settlement market by creating a comprehensive borrower-centric platform that solves problems end-to-end.

Srivastava, Founder and CEO of Freed, said, “Freed was founded with the vision of helping indebted consumers resolve their debts and regain their financial freedom. The problem needed immediate action and Freed will fill the space of friend and financial resurrection…helping consumers regain normalcy and a sense of balance in their lives. IPV has backed some very successful and admirable startups from a very early stage, and we are thrilled to partner with them on this journey.

Vinay Bansal, Founder and CEO of Inflection Point Ventures, said, “Debt can be stressful and create obstacles for future loan needs. However, with Freed, consumers can pay off their personal loans, emergency medical loans, and other debts. platform in India which allows a person to erase their debt smoothly and even reduce the amount of payment with their expertise in the field thus giving the customer a chance to improve their credit rating and ultimately to be debt free. IPV aims to expand its support by helping Freed strengthen their services and marketing plan.

Freed’s debt settlement program also offers personalized budgeting, expense analytics, repayment simulations using AI/ML, debt repayment strategies, and credit education to help people to avoid the debt trap, the statement added.

Posted: Thursday, May 05, 2022, 10:52 a.m. IST