We are discussing Microlending Platform Aye Finance Secured $30 Million in its Debt Funding Round From FMO:
Aye Finance is a microlending platform that offers financial services to small and micro enterprises. The company has secured 30 million USD in debt funding from the Dutch entrepreneurial development bank FMO. This marks the second funding round held by the company in the past six months. These fresh proceeds will be used by Aye Finance to extend loans to underserved Micro, small, and medium enterprises.
This fintech startup has previously raised $37 million in its series F funding round. The round was led by a British International Investment firm and has participation from its existing investor A91 partners and Waterfield funds. The company secured a total of 125 million USD worth of convertible debentures in FY23. The platform provided by this startup offers services, including quasi-mortgage loans, add-on loans, and hypothetical loans ranging from Rs 50 thousand to Rs 1 lakh. This Gurugram-based company claims to have provided over $915 million of credit with a 60 percent repetition rate to more than 5,76,000 businesses to date.
The company has 398 branches and operates in more than 22 states across the country in manufacturing, service groups, and trading sectors. The firm reported that its operational revenue increased by 44.5 percent to Rs 623 crore. The company also had a threefold increase in its profit to Rs 161 crore, with a 67 percent increase in revenue to Rs 1072 crore in FY24. The firm’s assets under management in FY24 were Rs 2,500 crore.
This fresh funding will be used to build innovative solutions for market expansion, enhance the loan lending platform, meet market demand, and increase the platform’s performance capability. The startup competes with other NBFCs and loan lending platforms, including Axio, Indifi, and Lendingkart.
Conclusion
A micro-lending platform, Aye Finance, secured $30 million in debt funding from FMO. The fund will strengthen and enhance the platform and meet market needs. The startup offers an online platform for financial services and loans to small businesses. The company has secured 30 million USD in debt funding from the FMO and has previously secured 37 million USD in its series F funding round. This fintech startup plans to use this funding to scale its infrastructure and expand its network.
The round was led by a British International Investment firm and has participation from its existing investor A91 partners and Waterfield funds. The company secured 125 million USD worth of convertible debentures in FY23. The platform provided by this startup offers services, including quasi-mortgage loans, add-on loans, and hypothetical loans ranging from Rs 50 thousand to Rs 1 lakh. The company has 398 branches and operates in more than 22 states nationwide in manufacturing, service groups, and trading sectors. This NBFC company claims to have offered loaning to more than 5,76,000 businesses to date.
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