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BASIX Sub-K iTransactions Ltd, a company focused on financial inclusion, has raised Rs 35 crore from global non-profit and financial inclusion pioneer Accion and Nordic Microfinance Initiative (NMI).
The investors are a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU).
Sub-K will use a sizeable amount of the funds for business growth by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses.
Some of the amount raised will also be dedicated for strengthening its IT platform that would help the company position itself as a preferred fintech as well as distribution partner for banks and financial institutions.
Commenting on this deal, Sasidhar Thumuluri, MD & CEO of Basix Sub-K, said: “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.”
Founded in 2010, Hyderabad-based Basix Sub-K iTransactions serves as a bridge between financial service providers and under-banked customers.
As of February, 2018, the company is operational in 23 states of India and manages a loan portfolio of Rs 666 crore for various banks. Sub-K has deployed as many as 13,000 agents or customer service providers (CSPs) to interface with customers on the ground
It has partnered with over 14 private and public banks and serves a customer base of 1.8 million with a bouquet of financial services, according to a release issued here on Wednesday.
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