Fintech Startup Aye Finance Raises $10 mn from Funding
Fintech company Aye Finance has raised USD 10 million (about Rs 71 crore) in funding from Zurich-based responsAbility Investments AG.
The company had received USD 5 million from responsAbility earlier this year.
"Aye will be utilising these additional funds to offer business loans to the excluded microenterprise sector to support their growth and enable their inclusion into the formal economy," a statement said.
Aye raised USD 5 million from responsAbility through NCDs, while the balance USD 5 million has been issued from a securitisation pool raised by responsAbility that was arranged by JP Morgan.
Key investors in this transaction include the Overseas Private Investment Corporation (OPIC) and Alecta.
"We have found support from Indian and global leaders in our mission of p...