Fintech Startup NeoGrowth Raises $35mn
Fintech startup NeoGrowth has raised USD 35 million (about Rs 225 crore) of equity from IIFL Asset Management and existing investors, including Accion Frontier Inclusion Fund, managed by Quona Capital.
A significant portion of the equity was raised in the current round and other existing investors ? Omidyar Network, Aspada Investments and Khosla Impact ? also participated in the funding, IIFL said in a statement here.
NeoGrowth will use the funds to help small retailers, including qualified borrowers with little or no credit history, access credit in the country, it said.
Using a data and technology-driven approach, the company provides small and mid-sized retail enterprises with flexible, innovative loan products that are secured against retailers future credit card and debit sal...