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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.