Financial Information Network and Operations Ltd. (FINO), a Mumbai-based biometric enabled smart card solutions provider which is engaged primarily in providing financial and non-financial products and services to the unbanked masses nationally and internationally, today announced the closing of an equity financing round of Rs. 800 million. The investors are broadly divided between private sector banks, public sector banks and international investors.
Private sector equity investors include ICIC Bank, ICICI Lombard and IFMR Trust. Public Sector equity investors include LIC, Union Bank of India, Corporation Bank and Indian Bank. International investors are represented by IFC, a private sector arm of the World Bank Group, Legatum Finance, and Intel Capital, the strategic investment arm of Intel Corporation. FINO intends to use the proceeds from the financing to set up the entire end-to-end solution of doing financial transaction at clients’ doorsteps.
“We are extremely honored & excited by the trust leading Indian Banks & International Investors have placed in FINO said Manish Khera, CEO, FINO. This equity placement is an important substantiation of our strategy to make FINO a sectoral entity and reflects endorsements from key customers, thereby improving financial strength of FINO. We hope to be guided by the vast experience each one of our shareholder brings and leverage our company's robust equity base to build strong brand equity together with the strong and familiar brand(s) of our shareholders. This association will enable FINO to deliver scalable low cost solutions to our clients which makes us ideally positioned for continued long-term growth”
FINO will invest in three broad classes of projects, those that are complete, those in the development stage and those in the planning stage. These investments will be utilized in garnering a solid base and creating a clear growth roadmap for the company in the sectors mentioned above.
Adds Mr. Rishi Gupta, CFO & President (Sales & Marketing), FINO, “As we expand our horizons of scaling new heights & serving many more unbanked geographies this infusion of capital will enable our company to rapidly position our assets in those markets where growth opportunities are most robust. About 75% of the investment will be contributed towards IT and IT enabled services and about 25% in assorted development. FINO has built strong momentum for growth, with a dynamic portfolio that covers the entire spectrum of financial & non-financial products & services. We intend to leverage the investment and continue to strengthen our knowledge-base in IT led capabilities, and enlarge our offerings to serve banking & MFI sector globally . With participation from leading domestic and international players, players who have interest in rural and micro banking, FINO has achieved its mission of becoming a true sectoral entity.
Source : Money Control