Dealflow | May 26, 2017

Aye Finance secures $8 million from Blue Orchard for small business lending

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Aye Finance, the microfinance institution in Gurgaon, India, secured the five-year loan from Blue Orchard after getting $3 million in debt finance from the State Bank of India.

Aye Finance offers low-cost loans of $750 to $4,000 to micro and small businesses via 39 branches in India.

The company has 18,000 customers and says it has reached 100,000 families.

The three-year old microfinance firm recently closed its $10 million Series B financing, backed by LGT Impact Ventures, SAIF Partners and Accion.