Satin Creditcare Secures $15 Million Funding from OeEB
Microfinance startup, Satin Creditcare Network Ltd (SCNL) has lately received External Commercial Borrowing (ECB) funding of $15 million from OeEB, the Development Bank of Austria. The microfinance firm has sought the funding to thrust its microfinance lending portfolio.
“We are delighted that OeEB, Development Bank of Austria rest strong trust in SCNL by making us their first choice of funding in India. The funding from OeEB will help us to strengthen our ongoing credit lending services to a larger section of existing and potential customer base and accelerate our reach across India,” H P Singh, Chairman & MD, SCNL said.
The investment will help SCNL in its decided business expansion, portfolio growth and its efforts in surging financial inclusion via its business operations in 22 Indian states. This funding has been deemed as the third ECB funding by a foreign company in the microfinance company, thus, demonstrating their increased interest in the firm as well as the Indian microfinance sector.
World Business Capital infused the first ECB investment in the microfinance startup and followed by responsAbility Investment for the second ECB investment. With the current investment in SCNL, OeEB has forayed in the Indian MFI industry and complied with new ECB guidelines. The Development Bank of Austria essentially works in developing nations as well as emerging markets; it also renders financial aid for sustainable economic development.
“Increasing financial inclusion is one of our main strategic goals. We are therefore proud to work with SCNL – an experienced partner in the field of microfinance. Especially women often have very limited access to financial services, which is why we are particularly happy that our funds will support female entrepreneurs and contribute to improving gender equality in India,” Sabine Gaber, Member of the Executive Board of the Development Bank of Austria, said.
Satin Creditcare Network Limited is currently one of the leading microfinance institutions (MFI) with its foothold in 22 Indian states in nearly 83,274 villages. The startup aims to be one-stop solution for excluded households, which has been placed at the bottom of the pyramid for all types of financial requirements, according to the company’s official statement.
The startup also renders a wide spectrum of financial products in the Non-MFI segment (embodying of loans to MSMEs), business correspondent services, housing finance subsidiary, and similar services to other financial Institutions through Taraashna Financial Services Limited, a business correspondent company and a 100 per cent subsidiary of SCNL.
In April 2017, the company initiated a wholly owned housing finance business, Satin Housing Finance Limited for offering loans to the affordable housing segment. In October 2018, SCNL set foot in digital lending “Loan Dost” to target millennial customers. In January 2019, it received a separate NBFC license, thus, started a MSME business, Satin Finserv Limited.
The company presently has 1299 bureaus and an employee size of 11,551 throughout 22 Indian provinces as well as union territories. It is serving over 3.6 million clientele. It is Pan-acknowledged company with its footprint in Uttar Pradesh, North East,Bihar and Madhya Pradesh. Further, it is a dominant player in its other states of operations.
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