Afinit Raises 32 Billion Won in Series E Funding

Large Participation from New Investors Including Mirae Asset Venture Investment, Smilegate, and Hana Ventures

Afinit, an artificial intelligence (AI) financial platform company, announced on February 10 that it has completed a Series E funding round totaling 32 billion won. Afinit successfully closed this round, which drew participation from prominent investors, based on its proven AI fintech capabilities in the Indian market, its stable performance, and recognition of the high growth rate of the Indian fintech market.

Participants in Afinit's latest funding round included existing investors such as Gureum Investment and Kolon Investment, as well as new financial and strategic investors including Double Capital, Mirae Asset Venture Investment, Smilegate, Big Move Venture, and Hana Ventures. As Afinit is known to be planning an initial public offering (IPO) this year, this round appears to be a pre-IPO type of investment.

Afinit explained that investors placed their trust in the company for several reasons: it established a profit-centered management structure by posting 2024 annual revenue of 146 billion won and operating profit of 11.6 billion won under K-IFRS; it has built a strong entry barrier through more than 10 years of accumulated Indian financial data and its self-developed AI-based ACS (Alternative Credit Scoring System); and it has strong growth potential as a vertical AI financial infrastructure model that can be expanded into emerging markets. Afinit’s 2025 annual revenue and operating profit are expected to reach 165 billion won and 30 billion won, respectively.

Afinit is a non-banking financial company (NBFC) officially licensed by the Reserve Bank of India (RBI), and it operates the AI financial product brokerage platform True Balance. By combining vast datasets with AI technology, the company connects financial institutions with customers and provides optimized financial products and services such as payments, loans, and insurance to approximately 1 billion Indian middle-class consumers and users with limited access to finance. Afinit’s average monthly brokerage volume of financial products is about 5 billion rupees (approximately 80 billion won), and its cumulative brokerage volume to date has exceeded 2.6 trillion won.

The Series E funds will be focused on expanding partnerships with financial institutions in India, growing new financial product businesses such as insurance, and hiring talent to further advance its AI technologies. A representative of Afinit said, "Afinit has grown into an AI financial platform that can be utilized by all financial institutions in India," adding, "Our combined capabilities in AI recommendation systems and alternative data analytics are difficult for other companies to replicate in a short period of time. In particular, as a business operator recognized by the Reserve Bank of India and consistently ranked at the top in customer satisfaction, we aim to achieve annual growth of more than 20% for the next 10 years in India’s rapidly growing mobile financial sector."

This content was produced with the assistance of AI translation services.