Afinit Raises 32 Billion Won in Series E Funding After Expanding into India

AI-based fintech company Afinit announced on the 10th that it has closed a Series E funding round totaling 32 billion won.
Afinit said it successfully completed the round thanks to its proven AI fintech capabilities in the Indian market, stable performance, and recognition of the high growth potential of India’s fintech sector by leading investors.
Participants in Afinit’s latest 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.
Afinit recorded annual revenue of 146 billion won and operating profit of 11.6 billion won in 2024, establishing a profit-focused management structure. The company’s competitive edge is built on more than a decade of accumulated Indian financial data and its proprietary AI-based Alternative Credit Scoring system (ACS), which together create a strong barrier to entry. Investors were also drawn to its scalable vertical AI financial infrastructure model, which can be expanded to other developing markets, enabling Afinit to successfully close this round. Last year’s revenue and operating profit are estimated at 165 billion won and 30 billion won, respectively.
Afinit is a licensed financial company approved by the Reserve Bank of India (RBI) and operates the AI financial product brokerage platform True Balance. By combining extensive data with AI technology, it connects financial institutions with customers and offers optimized payment, lending, insurance, and other financial products and services to roughly 1 billion Indian middle-class consumers and users with limited access to finance. Afinit’s average monthly brokerage volume for financial products is about 5 billion rupees (around 80 billion won), and its cumulative brokerage volume has exceeded 2.6 trillion won.
The Series E funds will be used mainly to expand partnerships with financial institutions in India, grow new businesses such as insurance products, and hire talent to further advance its AI technology.
An Afinit representative said, "Afinit has grown into an AI financial platform that can be used by all financial institutions in India," adding, "Our combined capabilities in AI recommendation systems and alternative data analytics are very difficult for other companies to replicate in a short period of time. Recognized by the RBI and consistently ranked at the top in customer satisfaction, we aim to achieve annual growth of more than 20% over the next 10 years in India’s rapidly expanding mobile finance market."

chord@fnnews.com Lee Hyun-jung Reporter