Satin Creditcare, an NBFC (non-banking financial corporation), has raised $15 million led by the Development Bank of Austria (OeEB). The company was founded in 1990 by H.P. Singh.
Earlier, it had raised $9.4 million from Switzerland-based international impact asset manager, responsAbility Investments AG.
The company will utilize these funds in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 22 states.
In a media statement, SCNL Chairman and MD H P Singh said, “The funding from OeEB will help us to strengthen our ongoing credit lending services to a larger section of existing and potential customer base and accelerate our reach across India.”
Satin is India’s second-largest MFI having started its journey with individual microloans to urban shopkeepers. The company has an established, scalable and sustainable business model. On a consolidated basis, Satin had an AUM of Rs. 6025.7 Crores as of June 31, 2018. SCNL offers its clients a variety of loan products under the MFI segment. The company also offers a bouquet of financial products in the non-MFI segment comprising of loans to MSMEs and business correspondent services & similar services to other financial institutions through Taraashna Services Limited (TSL) a business correspondent company and a subsidiary of SCNL.