Hyderabad: Basix Sub-K iTransactions, a Hyderabad-based fintech company focused on financial inclusion, has raised Series C round of Rs 75 crore from Maj Invest, a Denmark-based asset management company.
Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would position the company as a preferred fintech as well as distribution partner for banks and financial institutions.
Sub-K facilitates financial services, including loans, savings, and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent. The company has built an extensive network of field offices and agent outlets, supported by robust technology infrastructure. Sub-K has been recently recognised among top Fintechs driving Financial Inclusion globally by Fintech50.
“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,” says David Paradiso, managing director and partner, Maj Invest India.
“We are thrilled to join the Sub-K family and its strategy to expand the financial services available to families in remote areas of India so they can improve their lives,” says Kasper Svarrer, managing partner, Maj Invest Financial Inclusion.
“We are very excited about this round which comes at the opportune time as we build up our tech stack and expand the business across partners and geographies. We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to MajInvest who shares our vision of creating a world class vehicle for catalysing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI),” says Sasidhar Thumuluri, managing director & CEO, Basix Sub-K.