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Hyderabad-based BASIX Sub-K iTransactions Ltd, which is focussed on financial inclusion, has raised ₹35 crore from global non-profit and financial inclusion focussed company Accion and Nordic Microfinance Initiative, a public-private partnership, owned among others by the Norwegian and Danish governmental funds for developing countries.
Sub-K will use a large portion of the money to expand its agent banking network and credit facilitation for micro and small businesses. A part of the money will be used to strengthen its IT platform to help the company position itself as a preferred fintech and distribution partner for banks and financial institutions.
As of February, Sub-K, an associate company of BASIX Social Enterprise Group, is present in 23 States and manages a loan portfolio of about ₹650 crore for various banks.
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