New age finance company Aye Finance on Monday announced expanding its reach from 33 to 67 branches, thus making more than a double expansion in the first quarter of current financial year.
"Micro Enterprises are ignored by banks and finance companies in India because traditional credit information on them is thin and cost of servicing these small ticket loans is high. Aye is enabling the financial inclusion of these micro enterprises," said Vikram Jetley executive director, Aye Finance.
"The effective credit appraisal coupled with the use of modern workflow automation is helping Aye bridge the gap between the MSMEs and organized lending" added Jetley.
Aye is equity-funded by three reputed Venture Capital Funds - global nonprofit and financial inclusion pioneer Accion, SAIF Partners and LGT Impact ventures.
However, it also has over a dozen debt providers, including India's largest PSU Bank, the State Bank of India (SBI).
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