Fusion Microfinance scores $24m for small loans

Fusion Microfinance, an Indian startup focusing on providing loans to women in underserved areas, has raised $24m in a Series D round.

The investment was led by Creation Investments and GAWA Capital. Existing backers BIO and Oikocredit also participated.

The Delhi-based company says the capital will be used to hire more staff and invest in technology to help reduce operational costs, as well as lower its lending rate.

Fusion Finance began in 2010 and is now present across 11 Indian states offering small loans intended to improve the standard of living in rural and semi-urban areas.

The company has raised $36.8m in funding to date, previously taking on a $8.3m Series C round from Belgium firm BIO.

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