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Aye Finance secured funding of $17.4 mn from Dutch DFI FMO

Aye Finance, which is the Gurgaon headquartered NBFC that lends to the micro-enterprises, has now secured $17.4 million from the Dutch Development finance solution FMO with the help of non-convertible debentures issue.

With the help of this transaction, Aye Finance, which dubs itself as a technology-driven lender, has so far secured $238 million in both the debt and equity capital.

In the month of August this year, Aye Finance had secured $10 million from the Swiss investors ReponsAbility Investments and $8 million in the securitization transaction from the private lender DCB Bank in the month of July.

“While we have women as co-applicants for over 95% of our loans, we believe we can do more in enabling the women micro-enterprises. We expanded our branch network this year to Bihar, Jharkhand, Gujarat, and Maharashtra, which have a prevalence of women entrepreneurship and will support the growth of women-led enterprises in 18 states in which we have our presence,” Sanjay Sharma, managing director and founder of Aye Finance, said.

“The debentures issued by Aye Finance are particularly interesting as the on-lending will be to micro-entrepreneurs, of which half will be dedicated to women entrepreneurs in the financial inclusion area of underbanked end clients,” said Linda Broekhuizen, CIO of FMO.

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