Micro business-focused Aye Finance has raised USD 10 million in external commercial borrowings from Swiss-based ResponsAbility Investments. Aye is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest.
ResponsAbility is headquartered in Zurich and is a leading asset manager for impact investments in emerging economies. This is its second support having lent USD 10 million in August 2019. For the fintech, this is the fifth funding since 2017 and Aye will be utilising the funds to offer business loans to microenterprises to support their growth. Founded in 2014, Aye has been providing affordable business loans to small businesses and has extended credit to over 4.5 lakh of them, the company said in a statement on Thursday.
Aye has so far raised over Rs 550 crore in debt in the last three months, of which Rs 86 crore came from BlueOrchard and Rs 65 crore from Symbiotics, Sanjay Sharma, founder and managing director of Aye, said. Rudrashis Roy of ResponsAbility Investments said for over five years now, “we have been supporting Aye to help it bridge the credit gap in the microenterprises”. Founded in 2003, ResponsAbility Investments is an impact investor focused on private debt and private equity across emerging markets and has lent over USD 12 billion since inception.
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