back Back

Arthan Finance raises $6m in Series B to fuel expansion & technological growth

By Gloria Mathias

June 12, 2024

  • Arthan Finance
  • fintech funding
  • Incofin India Progress Fund
Share

Arthan Finance, Lending solutions, NBFC, Lending Technology, LendTech, Loans, Fintech Funding, SME entrepreneurs, Nano, Micro entrepreneurs, India News, india Fintech News, Arthan Finance, a LendingTech NBFC specializing in loans for self-employed nano and micro-entrepreneurs, has raised $6 million (INR 50 crores) from the Incofin India Progress Fund and the Michael & Susan Dell Foundation.

This funding round will help Arthan Finance grow its Assets Under Management (AUM), expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems. These technological enhancements will improve the company’s ability to assess credit risk and tailor financial solutions for the unorganized sector, further streamlining operations and enhancing the customer experience.

To date, Arthan Finance has raised approximately INR 83 crore. Previous funding rounds saw participation from the founders, angel investors, and the Michael & Susan Dell Foundation.

Kunal Mehta, Founder and Director of Arthan Finance, stated, “This funding is crucial for our next phase of growth. We are committed to enhancing our technological capabilities and expanding our reach to serve more micro and small enterprises in underserved regions. Our partnership with esteemed investors such as Incofin and the Michael & Susan Dell Foundation reinforces our mission to drive financial inclusion in India.”

Pravash Dash, Founder and Chief Executive Officer of Arthan Finance said, “Incofin’s investment will unlock transformative growth for Arthan Finance in bringing tech-enabled & affordable credit to underserved Indian MSMEs. Our investors’ extensive experience in impact investing aligns with Arthan’s vision and will help us capitalise on immense market opportunities to reshape the MSME lending landscape in India.”

Aditya Bhandari, Partner and Regional Director of Asia Equity at Incofin, said, “Arthan has tremendous potential to demonstrate how social impact can be driven through an enviable blend of technology and inclusive financial services. We believe Arthan is well-positioned to be at the forefront of India’s digital-led MSME financing revolution.”

Geeta Goel, India Country Director, Michael & Susan Dell Foundation, added, “Arthan Finance’s innovative approach combines operational excellence, community presence through phygital outreach and technology. Their AI and ML-based underwriting ensures efficient risk discovery and loan disbursement, catering to an acutely underbanked population of more than 11 million nano enterprises with an estimated credit demand of more than $25 billion. The small businesses that Arthan is empowering represent a big opportunity for the future of India.”

 

Previous Article

June 11, 2024

Eurobank Cyprus upgrades its core banking system with Temenos

Read More
Next Article

June 12, 2024

HSBC acquires Citi’s retail wealth management portfolio in mainland China

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Arthan Finance

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

PingPong joins Kanmon to launch its embedded lending solution

Read More

June 14, 2024

CredAble bags $3.5m from SIDBI to finance India’s MSMEs & Women-Led enterprises

Read More

June 14, 2024

Liberis & Paytrail offer revenue-based financing to Finnish e-businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023