Aye Finance Raises $17.43 Million NCD Funding
Fintech startup Aye Finance has raised $17.43 million (Rs 125 crore) funding from Dutch entrepreneurial development bank FMO through the issuance of non-convertible debentures.
With this fundraising, Aye plans to expand its outreach in providing credit, specifically to women-owned microenterprises in India, the company said in a statement.
"While we have women as co-applicants for over 95 percent of our loans, we believe we can do more in enabling the women micro-enterprises of India bring about a more transformative impact on the economy," Aye Finance MD and founder Sanjay Sharma said.
Under the deal, FMO will work with Aye Finance to expand their services to women entrepreneurs in the country through a gender finance programme.
"We expanded our branch network this year to Bih...