17 January 2019, India:
Fintech Startup Aye Finance, has raised $10 Million in debt funding from leading global impact investment manager, responsAbility and Northern Arc, which lends to impact focus companies, through the issuance of Non-Convertible Debentures.
With this latest funds raised, Aye is gearing up to bolster its lending portfolio and offer affordable business loans to a larger number of microenterprises in India.
Mr. Sanjay Sharma, Managing Director of Aye Finance said, “I believe the market need being addressed by us is very large, and having enabled the inclusion of over 100,000 micro entrepreneurs, we have established that our unique Cluster Based Credit Assessment methodology has the capability to scale up rapidly while delivering good value to our customers. And despite the bearish sentiments in the market, we have continued to get support from the industry in our mission to transform micro enterprise lending in India, as we continue to demonstrate robust metrics on growth and quality.”
Mr. Jaskirat S. Chadha, Senior Investment Officer at responsAbility, said, “responsAbility-managed funds have been providing funding for financial institutions targeting micro, small and medium-sized enterprises for the past 15 years. We are pleased to partner with Aye Finance, a successful player that leverages its technology backbone to drive financial inclusion and promote economic growth of un-organized business enterprises.”
Mr. Jaskirat S. Chadha, Senior Investment Officer at responsAbility, said, “responsAbility-managed funds have been providing funding for financial institutions targeting micro, small and medium-sized enterprises for the past 15 years. We are pleased to partner with Aye Finance, a successful player that leverages its technology backbone to drive financial inclusion and promote economic growth of un-organized business enterprises.”
Aye Finance was founded by Sanjay Sharma and Vikram Jetley in 2014. It provides financial services to micro and small businesses. The company has 104 branches across the country. The company provides its services in 11 states.
(Image – Aye Finance)
