Aye Finance to provide micro-loans to Startups and MSMEs


FinTech Startup Aye Finance that specializes in micro-loans in India, has secured $10.3 million in new funding from investors SAIF Partners and Accion.

How does Aye Finance use Series A funds?
The fresh funds will be used to strengthen its existing operating base by refining its underwriting processes and risk analysis, improving data analytics, assisting with product development, and encouraging broader industry engagement.

Whom does Aye Finance loan?
Aye Finance is aiming at businesses and business owners who aren’t able to raise capital through regular channels, typical loans amounts are 200,000-300,000 INR ($2,900-$4,400) in size. It also wants to target customers that are below the radar of e-commerce businesses like Flipkart.

How does Aye Finance reach out to SMEs?
Aye Finance operates a network of 31 small but staffed branches across seven states, predominantly in the north of India, where prospective customers meet a representative who completes their financial information using a digital platform which syncs to the cloud.

What's the aim of Aye Finance?
To help entrepreneurs launch, sustain and expand their businesses.

Founded
2014

Founders of Aye Finance
Sanjay Sharma
Vikram Jetley

Funding
Seed : $1Mn (2015)
Angel : $3Mn  (2015)
Series A: $10.3 Mn (2016)

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