Hyderabad-based financial company BASIX Sub-K iTransactions Ltd has raised Rs. 350 million funding to deepen their efforts towards greater financial inclusion in India.
The funds were raised from global nonprofit and financial inclusion pioneer Accion, and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU).
The company will use this large funding amount for business growth in small cities and rural area by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Also, the amount will use to make the platform tech enable.
The company position itself as a preferred FinTech as well as distribution partner for banks and financial institutions.
Sasidhar Thumuluri, MD, and CEO of Basix Sub-K said, “We are very excited about this investment. Accion and NMI, as well as our early investor Michael & Susan Dell Foundation, share our vision of a financially included society. Building upon Basix’s two decades of cutting-edge work in financial inclusion, we will be able to continue to invest in innovations and increase our reach multi-fold, thanks to this investment,”.
Sub-K means “for everyone” in Hindi language and below “one thousand” in English, indicating touch points within 1,000 meters distance, offering transactions of less than 1,000 rupees, providing access to less than 1,000 households at a cost of 1,000 paise.
Basix Sub-K iTransactions Ltd. is a subsidiary company under BASIX Social Enterprise Group, started in 2010 with a vision to provide a technology enabled the transactional platform to the unbanked population.