Alternative finance provider Aye Finance raises USD 1 mln funding

Earlier in February 2015, SAIF Partners also participated in the USD 13 million investment round of Capital Float (with Sequoia Capital).

The debt gap for MSMEs in India is estimated to be USD 198 billion, and is increasing at 11% per year, according to a report by Intellecap and the International Finance Corporation. Aye joins a number of actors like Capital Float, Mandii and many others who are attempting to serve this sector, alongside the Indian government’s renewed focus on supporting MSMEs. These enterprises are often locked out of both traditional microfinance and commercial capital.

Accion made its investment via Venture Lab, its USD 10 million initiative dedicated to providing seed capital and management support to startups expanding financial access to the poor and underserved.