Hyderabad: Sub-K raises 75 crore funding

Hyderabad: BASIX Sub-K iTransactions Limited, a city-based fintech company on Wednesday said it 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, it said. Sub-K facilitates affordable 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. BASIX Sub-K Managing Director and CEO Sasidhar Thumuluri said: "We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest 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)."