Advisor to Fino in Transaction With Hsbc Bank, Intel Capital, and the International Finance Corporation.

The new equity in FINO has come at an opportune time when Financial Inclusion is being seen not as desirable but as a necessity for growth and stability of social fabric in the country. The capital will help FINO further the cause of financial inclusion. FINO is privileged to be a sectoral entity with its existing set of banking and insurance investors which is further augmented with the entry of HSBC as one of its key investors

I must thank all our existing investors in reinstating their support for the FINO model which has gained strength in the last 3 years with over 8 million customers. The fresh inflow from HSBC, IFC and Intel will help FINO meet its financial need for building a scalable technology platform for 25 million customers and expanding its Business Correspondent network to over 25,000 locations over the next 3 years.

Fino has created a viable business model that can help financial institutions reach the underserved and un banked rural markets. This influx of capital is at the correct time given that the markets are growing rapidly with the government providing impetus to schemes like NREGA and RSBY which also helps in building FINO's brand equity by enhancing its social capital in the Indian Market.

The fresh infusion of capital will further cement Fino's position as a market leader in the Financial inclusion space and provide a thrust to increase its growth momentum. The capital will be used to strengthen Fino’s scalable business model, upgrade its technology platform and to expand its reach for rural banking and growth- projects like NREGA and RSBY.