back Back

Avanti Finance partners with Stellapps mooPay to provide credit to dairy farmers in rural India

By Leandra Monteiro

March 23, 2023

  • Avanti Finance
  • Credit Management
  • Credit Score
Share

Avanti Finance Bengaluru-based Avanti Finance, a technology-led NBFC focused on financial inclusion, has partnered with Stellapps’ data-driven digital FinTech vertical mooPay.

mooPay is a platform using deep tech to offer financial products i.e. payments, credit, insurance, agent banking and savings products to farmers in rural India.

The strategic partnership with Avanti will help mooPay further drive financial inclusion in rural India and fulfil the working capital requirement of dairy farmers. Dairy farmers can use mooPay to purchase new cattle, maintain the existing cattle and invest in various farm improvements to enhance productivity and their income.

Rahul Gupta, CEO, Avanti Finance said, “The partnership with Stellapps is an exciting one and another step for Avanti to promote financial inclusion and the economic empowerment of farmers. This partnership will help focus on the growing and underserved area of dairy farming. We are encouraged with the success of the pilot wherein we have disbursed over four thousand and five hundred loans in a paperless & cashless model in remote villages across India.. The program will be scaled up significantly in the upcoming financial year and we look forward to co-creating more products.”

Rahul Mallick, CEO, Stellapps – mooPay added, “At mooPay, we are reimagining financial services for rural India with an aim to provide access to tailored financial services to farmers and help them improve their income from dairy farming.  We are very happy to partner with Avanti to accelerate our vision of creating a rural neobank and reaching a million farmers by next year. mooPay plans to take its financial inclusion program from 2500 to 10,000  villages by this year end.”

Avanti will be offering small ticket-size loans to farmers by evaluating them with the help of mooPay’s patented credit score “mooScore” which uses digital gathered alternate data to underwrite credit for farmers. It will further help in expanding credit access for new-to-credit (NTC) farmer segments who have thus far been largely ignored by formal institutional financiers. Currently, over 55% of the loans are given to NTC customers, and over 60% of the loans to women borrowers.

Previous Article

March 23, 2023

German FinTech Unzer enters BNPL market with new product launch

Read More
Next Article

March 23, 2023

4 start-ups reshaping the Payments landscape in Luxembourg

Read More








IBSi Daily News Analysis

March 22, 2024

Avanti Finance

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra 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

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

March 28, 2024

Maybank & Doxa team to offer supply chain financing solutions

Read More

Related Reports

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