Financial services player Northern Arc group buys Smile Microfinance

Financial services player Northern Arc group on Thursday said it has acquired Smile Microfinance through slump sale.

The deal value has not been disclosed.

The transaction involves taking over the microfinance portfolio of Smile along with its 150 branches catering to over 2 lakh customers served by around 850 employees.

The acquisition will help Northern Arc group quicken its go-to-market in the rural finance business, where it plans to offer small ticket loans through digital platform.

Kshama Fernandes, MD and CEO of Northern Arc claimed that the acquisition is a critical step in the strategic direction that they plan to pursue.