Microfinance firms Accion and Lok Capital were among the investors in a $25m round for IFMR, which provides financial services to remote Indian communities.
India-based financial services provider IFMR Holdings has secured $25m in a round led by microfinance provider Accion that included microfinance company Lok Capital and investment firm LeapFrog Investments.
IFMR aims to offer financial services to individuals and businesses in India, where 86% of people do not borrow from banks and only one in two consumers has a savings account. Only around 4% of the population has insurance.
IFMR operates three distinct entities; IFMR Capital offers debt capital, IFMR Rural Finance…
