On Tuesday, Lendingkart, one of the fintech start-ups announced raising $15 million as debt funding from Dutch entrepreneurial development bank FMO. With this deal, Lendingkart reinforces its three-year relationship with the bank acceptance funds through NCDs and surges its cumulative exposure to 19 million with this transaction.

The raised funds will be arrayed towards expanding the reach of its financial products to the vast MSME segment across around 100 sub-industries spread across India. With the onset of the pandemic, India experienced one of the severest lockdowns, upsetting economic operations leaving little alternative for the country’s small businesses with limited access to finance. Lendingkart has sustained to support the MSEs to help them regrow their businesses and the upcoming financial year is being viewed differently with businesses focusing on the sustainable and digital mode of operations.

The Dutch entrepreneurial development bank supports manageable private sector growth in emerging countries and evolving markets. This new influx of funds to Lendingkart will be utilized towards expanding the reach of financial products to the MSME segment through Lendingkart’s digital platform.

“As India recovers from the pandemic and the uncertainties presented by it. We are pleased to partner with Lendingkart to better serve its customers, with an emphasis on women-run businesses and micro-enterprises.” Said, Huib-Jan de Ruijter, Chief Investment Officer, FMO.