Bengaluru (Karnataka) [India], March 21 (/BusinessWire India): Bengaluru-based Avanti Finance ("Avanti"), a technology-led NBFC focused on financial inclusion, has partnered with Stellapps' data-driven digital fintech vertical mooPay. mooPay is a platform using deep tech to offer financial products i.e. payments, credit, insurance, agent banking and savings products to farmers in rural India. This strategic partnership with Avanti will help mooPay further drive financial inclusion in rural India and fulfil the working capital requirement of dairy farmers. Dairy farmers can use mooPay to purchase new cattle, maintain the existing cattle and invest in various farm improvements to enhance productivity and their income.
Avanti will be offering small ticket-size loans to farmers by evaluating them with the help of mooPay's patented credit-score "mooScore" that uses digital gathered alternate data to underwrite credit for farmers. It will further help in expanding credit access for new-to-credit (NTC) farmer segments who have thus far been largely ignored by formal institutional financiers. Currently, over 55 per cent of the loans are given to NTC customers, and over 60 per cent of the loans to women borrowers.
Rahul Gupta, CEO, Avanti Finance said, "The partnership with Stellapps is an exciting one and another step for Avanti to promote financial inclusion and the economic empowerment of farmers. This partnership will help focus on the growing and underserved area of dairy farming. We are encouraged with the success of the pilot wherein we have disbursed over four thousand and five hundred loans in a paperless & cashless model in remote villages across India.. The program will be scaled up significantly in the upcoming financial year and we look forward to co-creating more products."
Rahul Mallick, CEO, Stellapps - mooPay said, "At mooPay, we are reimagining financial services for rural India with an aim to provide access to tailored financial services to farmers and help them improve their income from dairy farming. We are very happy to partner with Avanti to accelerate our vision of creating a rural neobank and reaching a million farmers by next year. mooPay plans to take its financial inclusion program from 2500 to 10,000 villages by this year end."
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