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High Networth Investor Takes A Piece Of FINO

28 October, 2010

Even as the microfinance sector is facing the possibility of new regulations that will reduce interest rates lenders charge in Indian hinterland, perhaps resulting in a drop in margins, rich Indians still feel there is money to be made at least in firms providing services to firms doing business at the ‘bottom of the pyramid’.

Investment advisory firm Avendus Capital has just brokered a deal by placing equity shares of Financial Inclusion Network and Operations Limited (FINO) to one of their ultra high networth clients.

In a statement, Rishi Gupta (Director and CFO of FINO) said, “This has created an opportunity for secondary placement of our shares – Avendus has brought in a marquee high networth investor in FINO.”

Although the firm did not disclose details of the investor and the money pumped into the Mumbai-based entity, the transaction, structured by Avendus Capital’s Wealth Management division, puts a new confidence in the firm and its business model.

Founded just over four years ago, FINO is into building technologies that enable financial institutions to serve the under-served and the unbanked sector and also to service the technology requirements of entities engaged in servicing the bottom of pyramid customers. It is promoted by multiple banks and financial institutions including Union Bank, Corporation Bank, Indian Bank, LIC, ICICI Bank, ICICI Lombard besides others such as IFC, Intel Capital and HSBC Private Equity Asia.


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High Networth Investor Takes A Piece Of FINO

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