$10 million secured by fintech Aye Finance from responsAbility Investments AG
Aye Finance, a FinTech business, announced that it had secured $10 million (about 71 crores) in capital from responsAbility Investments AG of Zurich.
Since 2017, the firm has aided Aye in its goal of building a diverse India, and this is the FinTech lender’s sixth loan investment.
“Aye will be utilising these additional funds to offer business loans to the excluded micro-enterprise sector to support their growth and enable their inclusion into the formal economy,” a statement said.
In the past three months, Aye Finance has raised more than 550 crores in debt, of which 86 crores came from BlueOrchard and 65 crores from Symbiotics.
“We are currently witnessing a surge in credit applications from the microenterprise sector as businesses are being rebuilt post the disruptions caused by the pandemic. The support we are receiving from global impact leaders like responsAbility allows us to continue in our mission of transforming microenterprise lending in India by providing entrepreneurs customized business loans at affordable prices,” said Sanjay Sharma, MD, and Founder of Aye Finance.
“For over five years now, Aye Finance has been a trusted partner in our endeavour to bridge the credit gap in the micro-enterprise sector via private capital funding. We are once again delighted to collaborate with Aye to support the growth of small, resilient businesses post a difficult couple of years,” said Rudrashis Roy, Investment Officer at responsAbility Investments AG.
Aye, which was founded in 2014, offers unsecured small-ticket business loans to a sizable section of credit-starved micro-enterprises. CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners, and MAJ Invest support the lender.
