Fintech company Avail Finance on Thursday said it has raised USD 11.5 million (around Rs 85 crore) in a funding round led by Alpha Wave Incubation (AWI). The Series B funding round also saw participation from its existing investor Matrix Partners, a release said. The company focuses on the blue-collared segment.
The funds raised will be used for the expansion of the team, and to offer a varied product mix for our targeted users, be it existing or prospective. With our financial solutions for the blue-collared workforce in India, we can capitalize on this current shift towards neo-banking through easy and digitized facilities suitable for the Indian market, Avail Finance’s founder and CEO Ankush Aggarwal said.
As part of this investment from AWI, Avail Finance will set up a team in Abu Dhabi and use the Emirate as its regional headquarters, the release said. It aims at building a strong talent base of data scientists, product managers, and engineers there.
AWI is a USD 300 million venture fund, managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi. Founded in 2017, Avail has grown from being a lending platform to the blue-collar workforce to now a neo-bank with a line-up of products in various categories such as savings, insurance, investment products.
The company is backed by Matrix Partners and ANI Technologies (Ola), and other prominent entrepreneurs like Binny Bansal, co-founder of Flipkart, Kunal Shah, founder of Cred, Manish Patel, founder and CEO of Mswipe ,among others.