Avail Finance, a neo banking platform for workers in India, has reportedly raised INR 24 crore ($3.2m) in debt financing.
Alteria Capital served as the lead capital provider, according to a report from YourStory.
This burst of equity will help the company to diversify its product portfolio and services to better meet the needs of clients.
Avail Finance, which was founded in 2017, helps the blue-collared workforce in India access loans with flexible repayment options, through a digital app. Through the app, users can access salary advances and quick loans, as well as tools to manage their money.
Alteria Capital partner Punit Shah told YourStory, â€œWe are very happy to partner with Avail in their journey of taking financial services to the underserved and credit-starved blue-collared workforce in India. Their proprietary model is custom-made to suit the financial needs of consumers in their segment.â€
This investment follows that companyâ€™s $11.5m Series B, which closed last year with support from Matrix Partners and Alphawave Incubation Fund.
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