Fintech Avanti Finance raises US$ 26 million in Series A funding round led by Oikocredit and others
Social impact investor Oikocredit’s investment in Avanti Finance will help accelerate credit and other financial products to 100 million unserved and underserved households in India.
Amersfoort, the Netherlands – Indian fintech company Avanti Finance (Avanti) secured US$26 million in debt and equity from Oikocredit, Bill and Melinda Gates Foundation, Nomura and the family office of Pratul Shroff.
Avanti will use the funds to further invest in its digital tech platform and expand its cashless approach to help reach the unbanked across India.
Avanti partners with a diverse set of organisations that have strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability. Avanti understands that sustained impact on low-income households can be achieved through women's economic empowerment and currently, more than 75% of Avanti users are women.
The fintech works in 15 states, covering 112 districts, and is working towards building a scalable partner ecosystem for social enterprises, financial institutions, business correspondents, and Agtech players across India.
Rahul Gupta, CEO at Avanti Finance, said, “We are delighted to welcome our investors in Avanti’s mission to create affordable financial services and expand financial inclusion across India. Our deep tech platform, combined with our partner ecosystem is designed for scalability and sustainability with a vision of empowering the next 100 million households.”
Anirudh Sarda, Equity Officer at Oikocredit, said, “We anticipate technology to play a transformational role in the way financial services are accessed, especially by the low-income segments. Avanti’s vision and mission are deeply aligned with our principle of promoting sustainable development through responsible financial services while achieving higher social impact in the communities we serve. We are excited to partner with Avanti and take financial inclusion to the next level with this equity investment.”
Tom Keleher, Equity Director at Oikocredit, added, “For Oikocredit, this is another important step towards building a global portfolio of fintech investments with partners making a positive difference in the lives of people on low incomes.”
About Avanti Finance
Avanti Finance Pvt. Ltd. is leveraging India’s digital infrastructure to create a deep tech, scalable digital financial inclusion platform. Our mission is to empower the next 100 million households through accessible and affordable financial services. www.avantifinance.in
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances close to 563 partners, with total outstanding capital of € 845 million (as at 31 December 2020). For more information see: www.oikocredit.coop.
Note for editors
For more information or to request an interview, please contact Jasmin Panjeta, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: email@example.com.
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