WeRize raises Rs 120 crore from several investors

WeRize, a full stack financial services platform focused on addressing the needs of borrowers of small-town, announced that they have raised USD 15.5 million (about Rs 120 crore) from a clutch of investors. The investors included British International Investment (BII), the UK's development finance and impact investor formerly known as CDC group and Sony Innovation Fund along with existing investors Kalaari Capital and Picus Capital, WeRize said in a statement.

The company will use the funds to accelerate growth — build new financial products for its customers, expand and improve the technology platform as well as onboard freelancers in more than 1,000 new towns it is set to enter, it said. With this round, the company has raised a total sum of USD 25.75 million, it said.

WeRize manufactures innovative credit, savings and group insurance products designed for this customer base keeping in mind their needs, requirements and purchasing power, with a view to add a layer of financial security to their lives and enable access to credit.