Aye Finance is a microlending platform that offers financial services to small and micro enterprises.  The company has secured 30 million USD in debt funding round from the Dutch entrepreneurial  development bank, FMO. This marks the second funding round held by the company in the past six  months. These fresh proceeds will be used by Aye Finance to offer financial services to underserved  Micro, small, and medium enterprises by extending loans. 

This fintech startup has previously raised $37 million in its series F funding round. The round was led  by a British International Investment firm and has participation from its existing investor A91 partners  and Waterfield funds. The company secured a total of 125 million USD worth of convertible debentures  in FY23. The platform provided by this startup offers services including quasi-mortgage loans, add-on  loans, and hypothetical loans ranging from Rs 50 thousand to Rs 1 lakh. This Gurugram-based company  claims to have provided over $915 million of credit with a 60 percent repetition rate to more than  5,76,000 businesses to date. 

The company has 398 branches and operates in more than 22 states across the country in  manufacturing, service groups, and trading sectors. The firm reported that its operational revenue  increased by 44.5 percent to Rs 623 crore. The company also had a three times increase in its profit to  Rs 161 crore with a 67 percent increase in revenue to Rs 1072 crore in FY24. The assets under  management of the firm in FY24 were Rs 2,500 crore. 

This fresh funding will be used to build innovative solutions for market expansion, enhance the loan  lending platform, meet market demand, and increase the performance capability of the platform. Aye Finance competes with other NBFCs and loan lending platforms including Axio, Indifi, and Lendingkart,  among others.  

Conclusion: 

A micro lending platform, Aye Finance secured funding of $30 million in its debt from FMO. The fund  will be used to strengthen and enhance the platform, and to meet market needs. The startup offers an  online platform to offer financial services and lend loans to small businesses. The company has secured  30 million USD in debt funding round from the FMO and has previously secured 37 million USD in its  series F funding round. This fintech startup plans to use this funding amount to scale up its  infrastructure, and expand its network.

The round was led by a British International Investment firm  and has participation from its existing investor A91 partners and Waterfield funds. Aye Finance secured a total of 125 million USD worth of convertible debentures in FY23. The platform provided by  this startup offers services including quasi-mortgage loans, add-on loans, and hypothetical loans  ranging from Rs 50 thousand to Rs 1 lakh. The company has 398 branches and operates in more than  22 states across the country in manufacturing, service groups, and trading sectors. This NBFC company  claims to have offered loaning to more than 5,76,000 businesses to date.