Netherlands-based Asian microfinance operator CreditAccess Asia NV, has secured $30 million funding from Hong Kong-based private equity firm Olympus Capital Asia, it said on Wednesday.
It said the money will be used to fund expansion in existing markets and to set up operations in new geographies within Asia. Over the next two years, CreditAccess Asia aims to expand its operations to two more countries and expects to more than double its client base to over three million customers.
Founded in 2007, CreditAccess Asia provides financial services through its units in India, Indonesia and Philippines. The company operates in India through Bengaluru-based microfinance institution Grameen Koota Pvt Ltd.
“Given its deep experience in financial services and presence in our key markets of India and Southeast Asia, Olympus Capital Asia is an ideal partner to help accelerate our growth plans by tapping new geographical markets in Asia and via the expansion of our product range,” said Paolo Brichetti, CEO of CreditAccess Asia.
CreditAccess Asia operates a portfolio of €240 million ($258 million) serving over 1.3 million clients.
The deal marks the fourth private equity investment by Olympus Capital Asia in the past year but the first in the microfinance field. In India, the PE firm has investments in hospital chain Aster DM Healthcare, BPO firm Quattro and water projects focused firm Vishwa Infrastructures. Its past portfolio includes HDFC Bank.