Avendus Capital – The wealth management firm last week announced that it had successfully closed the private placement of equity shares of Fino to one of their high networth customers. Avendus Capital did not disclose the identity of the Individual or the value of the transaction.
FINO (Financial Inclusion Network and Operations Ltd) is a Mumbai based company which provides financial services and non financial products using biometric smart cards to the financially excluded population in urban and rural India.
FINO (http://www.fino.co.in) currently works with 22 Banks, 10 MFI’s , 4 Insurance companies and 12 government entities and it’s services are available in more than 36,000 locations all over India.
FINO is promoted by ICICI Bank, ICICI Lombard, IFMR Trust and public sector investors include LIC,Union Bank of India, Corporation Bank and Indian Bank. International investors in FINO include World Bank Group, Legatum Finance, and Intel Capital.
In December 2010, FINO had raised Rs 70 crore in a new round of private equity funding from HSBC Private Equity.