Fintech platform WeRize has raised $7 million in a pre-Series C funding round led by Sony Innovation Fund, the company announced. Existing investor 3one4 Capital also participated in the round. The startup plans to use the capital to expand its financial product offerings and invest in its AI and technology infrastructure, according to inc42.com.
Founded in 2019 by Vishal Chopra and Himanshu Gupta, WeRize operates a marketplace connecting 30 crore underserved consumers in small-city India with over 19,000 trained local financial micro-entrepreneurs and partner financial institutions. The startup’s proprietary AI layer facilitates this three-sided full stack marketplace. Chopra said the funding will help deepen AI capabilities and prepare the company for public markets.
WeRize’s current annualized gross revenue rate stands at $65 million, with a net revenue run rate of $32 million and an EBITDA run rate of $15 million. The company has achieved three consecutive years of profitability and an annualized pre-tax profit run rate exceeding $7 million. To date, WeRize has raised over $28 million from investors including British International Investment and Picus Capital.
The fresh capital will enable WeRize to expand its product suite to include mutual funds, online bonds, secured co-branded credit cards, and housing loans. The company aims to capitalize on the financial services opportunity in small-city India by leveraging its AI-driven platform, according to inc42.com.