Avail Finance, a Bengaluru-based neo banking startup focused on improving the financial health of the blue-collared workforce, has raised Rs 24 crore in debt financing led by Alteria Capital.

Started by Ankush Aggarwal and Tushar Mehndiratta in 2017, Avail Finance is an app-based lending platform focused on the gig economy segment.

Talking about the funding round, Ankush Aggarwal, Founder and CEO of Avail Finance, said,

“We continue to stay focused on delivering a seamless experience for our customers, and this financial year, the priority will be to diversify our product portfolio, service offerings, and offer financial services to the ever-growing young population. The funding from Alteria is a testimony to the trust that the major ecosystem players are placing in us while we progress in our journey of financially including every Indian.”

As per the startup, during the COVID-19 lockdown, it offered interest-free loans to over 100,000 gig workers who lost their source of income, helping them tide over the financial stress.

Improving the financial health of the blue-collared workforce, Avail Finance has grown from a lending platform to the blue-collar workforce to now a neo-bank with products in various categories, including savings, insurance, investment products, etc.

To date, the fintech startup has raised $21.6 million in equity from Matrix Partners, Falcon Edge, and Ola; and has processed loans for over 300,000 customers.

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