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Satin Creditcare secured $15M ECB funding

Satin Creditcare Network today has revealed its new funding of $15 million from the Development Bank of Austria, to accelerate its lending portfolio.

The investment will support SCNL in its planned expansion, portfolio growth, and its efforts in increasing some of the financial inclusion via its operations in 22 states.

This will be the third round of ECB Funding by a foreign institution in SCNL while even showcasing their continuous interest in the company and microfinance sector in India. The first ECB investment in SCNL was by the World Business Capital, and the second investment was by responsibility Investment.

“We are delighted that OeEB, Development Bank of Austria, rest strong trust in SCNL by making us their first choice of funding in India. The funding from OeEB will help us to strengthen our ongoing credit lending services to a larger section of existing and potential customer base and accelerate our reach across India,” H P Singh, Chairman and MD, SCNL said.

“Increasing financial inclusion is one of our main strategic goals. We are therefore proud to work with SCNL – an experienced partner in the field of microfinance. Especially, women often have very limited access to financial services, which is why we are particularly happy that our funds will support female entrepreneurs and contribute to improving gender equality in India,” Sabine Gaber, Member of the Executive Board of the Development Bank of Austria said.

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