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Sub-K raises Rs 75 Cr funding from Denmark's Maj Invest

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Business Finance

Press Trust of India  |  Hyderabad 

: BASIX Sub-K iTransactions Limited, a city-based fintech company focused on financial inclusion, has raised Series C round of Rs 75 crore from Maj Invest, a Denmark-based asset management company, a press release from the company said on Wednesday.

Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would position the company as a preferred fintech as well as distribution partner for banks and financial institutions, it said.

Sub-K facilitates affordable financial services, including loans, savings and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent.

BASIX Sub-K Managing Director and CEO Sasidhar Thumuluri said, "We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest who shares our vision of creating a world class vehicle for catalysing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI)."

Maj Invest India Managing Director and Partner David Paradiso said, "We are highly impressed by what Sub-K has achieved so far in creating real value through an innovative business model. We are excited to work alongside the promoters, co-investors and management to continue providing top-class financial service while looking to create real social impact in the regions we serve.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, October 09 2019. 15:50 IST
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