NEW DELHI: Online lending startup Aye Finance said that it will be doubling its team size in the current financial year, taking its number of employees to 1800.
The company has its branches in 100 cities across the sub-continent and with this expansion in the team size it plans to further strengthen its position of supporting the financial inclusion of MSMEs in India.
Commenting on the hiring targets, Sanjay Sharma, MD and Founder of Aye Finance said, “Employees are the biggest value drivers for an organization. In the past years we have successfully built a professional team that shares a high standard of performance and ethics along with a passion for delivering social impact. We believe we are beginning to challenge the status quo in traditional lending that has so far been an obstacle in the development of the micro-scale ventures in India. By offering them economical sources of funds we are supporting their aspirations for growth. We are positive that India’s youth and senior leaders will support in our mission of transforming micro enterprise lending in India and in bringing this critical sector into the folds of organized lending.”
Starting this year on a high, having already disbursed INR 750 Cr worth of funds to over 60,000 MSMEs, Aye Finance had set a target of recruiting 900 more employees and opening 32 new branches. The expansion in the team size and the branch network is essential to allow the company to continue maintaining its direct outreach with the micro sized enterprises at the grassroots levels. Additionally, as 80% of Aye’s recruitment is from the tier 2 and beyond cities, the fintech lender is also addressing the employment challenges facing the youth of these cities.
Aye Finance has been successful in uniquely adopting the industry clusters methodology for championing the cause of MSME lending. Its unique industry clusters approach provides the fintech lender with an understanding of the cash-flows, seasonal fluctuations and other financial data points of the business network of these bottom of the pyramid businesses. The fintech lender further couples this analysis with psychometric studies to arrive at a sound lending decision and offer affordable and timely credit facility to the micro entrepreneurs.
Aye, which is backed by marque investors CapitalG (erstwhile Google Capital), SAIF Partners, Accion and LGT, is setting new standards in building a quality loans portfolio in an inclusive manner and is well on its way of achieving its vision of being the most admired leader in the micro and small business lending space.