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Fino gets IFC funding

Press Trust Of India  |  Mumbai 

Financial inclusion facilitator Fino on Monday said it has received assistance from development finance institution IFC for scaling up its low-income group remittance, deposit and insurance business, shortly after garnering funds from private equity firm Blackstone.

"With IFC's support, we expect to scale up significantly and redesign products such as remittance, deposit and insurance services for low-income groups," Fino vice-president for business management and growth Shweta Aprameya said in a statement.

Details of the deal, like the amount invested, are not immediately available.

In a statement, IFC said it will help Fino develop operational tools and products that can help them reach more clients in a sustainable manner.

Fino, which services 43 million clients across 24 states, is targeting a client base of 100 million in the next three years by linking payments to a broader range of financial services, IFC said.

Global private equity major Blackstone had in July this year, invested Rs 150 crore for an undisclosed stake in FINO, becoming its largest shareholder.

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First Published: Tue, January 10 2012. 00:33 IST