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Accion Venture Lab exits Aye finance

ImpactAlpha, December 11 – Accion Venture Lab, the seed-stage investment arm of Accion, has sold its undisclosed stake in the Indian fintech company. The sale comes six months after Aye snagged $21.5 million in Series C funding, led by CapitalG, Alphabet’s venture arm. Aye is Accion Venture Labs’ third exit since launching in 2012. The terms of the deal were not disclosed.

Aye launched in 2014 to provide financial services to Indian entrepreneurs underserved by mainstream banks and lenders. Accion Venture Lab first invested in the company in 2015, and has since made additional investments to support Aye’s expansion.

Aye has loaned more than $120 million to 70,000 small business customers across 100 cities in India. Accion’s Michael Schlein said Accion Ventures Lab was selling its share in the company “knowing Aye is on a clear trajectory to grow and continue to help the underserved.”

Accion Venture Lab, which backs early-stage financial startups with investments of $300,000 to $500,000, previously exited Mexico-based payments company Clip in 2017 and India-based lender Varthana in 2016. Accion retains a stake in Aye through its later-stage facility, Accion Global Investments.

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