NewsVoir
New Delhi [India], September 7: RBI-registered NBFC-MFI SATYA MicroCapital Limited has once again secured Rs 500 Cr (USD 60Mn) from Sumitomo Mitsui Banking Corporation (referred as SMBC hereafter), a renowned Japanese multinational financial services institution under Sumitomo Mitsui Financial Group, Inc. This marks the second time SATYA has received funding from SMBC.
The new infusion of debt will drive further advancements in SATYA's operational model, fostering innovation in credit offerings, expanding the product portfolio, and enhancing end-to-end business processes for its valued clients. This funding will also support efforts to boost financial inclusion for women micro-entrepreneurs and promote women's empowerment through microfinance.
Vivek Tiwari (MD, CEO & CIO: SATYA MicroCapital Limited), stated, "Our continued partnership with SMBC Bank is a key driver and inspiration for SATYA's ongoing mission to enhance financial inclusion and empower women entrepreneurs throughout India. The trust SMBC Bank has placed in our business model will be central to our expansion efforts. As SATYA's business model gains traction globally, we remain committed to creating a sustainable impact and a brighter future for numerous households at the bottom of the pyramid."
Established in October 2016, and headquartered in the capital city of New Delhi, SATYA initiated the course of its operational journey in January 2017. With the foremost and fundamental goal of empowering rural women, both digitally and financially, SATYA has come a long way since its incorporation. Since then, the company has registered impressive growth by achieving an Assets Under Management (AUM) of more than Rs. 6,000 Cr., emerging as one of the fastest growing Technology driven Finance Institutions in the country. The organization's firm belief in modern technology and its potential to increase efficiency, reduce risks, and enhance overall customer experience is apparent in its adoption of the most cutting-edge innovations to power its operations. SATYA has established its terrestrial footprints via an operational network of 650+ branches in nearly 55,000 villages across 25 states.
At present, SATYA is furnishing its affordable micro credit services to more than 18 lakhs women entrepreneurs from rural and semi-urban areas who are excluded from traditional banking channels. SATYA is integrally concentrated towards building their financial capacity and ability to grow to financial self-sufficiency. The taskforce of more than 7000+ employees are playing an intrinsic role in SATYA's ongoing growth trajectory. In addition to yielding financial aid to unbanked sections of the population, SATYA MicroCapital consistently associates with institutions of the same wavelength to disseminate the importance of digital and financial literacy in rural areas.
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