India-based Avanti Finance, a non-banking financial company aimed at improving financial inclusion, has raised $15m in Series A2 funding.
The round was backed by existing investors Oikocredit, Nomura, The Bill & Melinda Gates Foundation and Dr. K R Shroff Foundation.
With the round close, the FinTech company has raised a total of $41m in their Series A and debt funding round.
The capital injection will help Avanti deepen its technology platform, bolster its data science, enhance its product suite and grow its team. In addition to this, the FinTech company plans to strengthen its partnerships with social enterprises and foundations, financial institutions, business correspondents and agtech innovators.
Avanti is a digital platform that facilitates a paperless and cashless approach to lending, with is aimed at helping unserved and underserved segments in India.
Avanti CEO Rahul Gupta said, “The Avanti team is excited and ready to accelerate our mission. We are grateful to our Board and investors for reposing their faith in our unique business model to democratise credit to the next 100 million households and make every loan an impact story.”
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