Financial technology firm BASIX Sub-K iTransactions Limited successfully raised Rs 75 Crore funding last Wednesday, October 9, 2019. The funding round was led by Denmark-based asset management company Maj Invest.
Sub-K provides affordable and accessible financial services to more than three million individuals and households in India. Some of its services include savings accounts, payments, and loan options. It caters to underbanked households and micro to small business enterprises.
According to Economic Times India, the financial technology firm intends to direct its funding towards improving its current line of products and services. In addition, Sub-K also plans to enhance its IT platform. Moreover, VCCircle reports that the company will use its Series C Funding to expand business operations and partnerships across a variety of locations.
In a statement, Sasidhar Thumuluri, BASIX Sub-K managing director and chief executive officer revealed that through the funding, they “will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest who shares our vision of creating a world-class vehicle for catalyzing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI).”
Meanwhile, Maj Invest India’s David Paradiso, managing director, and partner at the company said they “We are highly impressed by what Sub-K has achieved so far in creating real value through an innovative business model. We are excited to work alongside the promoters, co-investors, and management to continue providing top-class financial service while looking to create real social impact in the regions we serve.”
Prior to the Rs 75 crore obtained through the Series C funding round, BASIX Sub-K raised money via internal funding, with the round was led by Michael & Susan Dell Foundation. In 2018, VCCircle states that the fintech firm was able to raise Rs 35 crore through the assistance and support of Accion and Nordic Microfinance Initiative (NMI).
