Satin Creditcare raises US$ 30 mn NCD from FMO to accelerate microfinance lending portfolio
Deepthi | Myequity news | Date : 14-12-2018 15:20:00 IST
Satin Creditcare Network Limited (“SCNL”) one of India’s leading microfinance companies , raised US$ 30 mn Non-convertible debentures (NCD) from the Netherlands Development Finance Company (FMO) to accelerate its microfinance lending portfolio.
The investment will support Satin Creditcare in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its operations in more than 20 states. Satin creditcare has recently forayed in digital lending “Loan Dost” for its urban borrowers to enhance the business portfolio.
Speaking on the development, Mr. H P Singh, Chairman and Managing Director, Satin Creditcare Network Limited said, “The new funding is a reflection of the strong support and the trust that SATIN enjoys with its banking partners. We are excited about our partnership with FMO and are delighted to be associated with its legacy. With the new capital pool at our disposal, we will be looking at strengthening our ongoing credit lending services to a larger section of our existing and potential customer base”.
Commenting on the partnership, Huib-Jan de Ruijter, Director Financial Institutions of FMO
said: “Supporting women is an important part of FMO’s strategic vision. We strongly feel that Satin is an ideal partner in taking forward this vision as it has a strong focus on providing microfinance to the underserved communities, especially economically active women in rural and urban areas. We are sure this collaboration will help us make significant contributions to promoting gender equality and job creation in India.”
With an outstanding portfolio of Rs. 6,191.4 crore and serving over 3.2 million customers, Satin Creditcare has been given the top industry grading by CARE ratings to MFI 1 (MFI One). Recently, Microfinanza Ratings has upgraded Satin Creditcare social rating to ‘A’.
About Satin Creditcare Network Limited:
Satin Creditcare Network Limited (SCNL or “Satin”) was conceptualized and founded in 1990 by Mr. H P Singh - a qualified Chartered Accountant with over three decades of experience in retail finance industry. In around 28 years since its inception, Satin today is India’s leading MFI having started its journey with individual micro loans to urban shopkeepers. SCNL offers its clients a variety of loan products under the MFI segment and Business Correspondence partnership with IndusInd Bank.