Fino gets World Bank Group's development finance institution IFC's funding

MUMBAI: After a backing from private equity fund Blackstone, financial inclusion facilitator FINO today said it has received assistance from the World Bank Group's development finance institution IFC.

"With IFC's support, we expect to scale up significantly and redesign products such as remittance, deposit and insurance services for low-income groups," FINO vice-president for business management and growth Shweta Aprameya said in a statement.

Details of the deal like the amount invested are not immediately available.

In a statement, IFC said it will help FINO develop operational tools and products that can help them reach more clients in a sustainable manner.

FINO, which services 43 million clients across 24 states, is targeting to reach 100 million clients in the next three years by linking payments to a broader range of financial services, IFC said.

Global private equity major Blackstone had in July invested Rs 150 crore for an undisclosed stake to become the largest shareholder in FINO.