Matrix invests in micro and small business financier FSBC

Tags: FSBC, Matrix, News
Venture capital fund Matrix today invested an undisclosed amount in micro and small business financier Five Star Business Credits (FSBC).

The fund infusion would be used to expand the branch network of the non-banking company, which has 30 branches across Tamil Nadu at present, it said.

FSBC has been doing secured lending to micro and small enterprises for the last five years, and boasts of a customer base of over 5,000.

Matrix Managing Director Rishi Nevani said that the company's "differentiated, secured and sustainable lending model to address the large, but under served micro, small and medium enterprise (MSME) financing opportunity" are some of the reasons which led to the investment.

According to the Matrix statement, there are nearly 60 million MSMEs in the country in the organised and unorganised sector.

"We have built a unique credit assessment model for deserving customers that run small, but healthy businesses. This round of funding should help us further expand our branch footprint and enhance our funding base for long-term expansion," FSBC Managing Director D Lakshmipathy said.

EDITORIAL OF THE DAY

  • Census shows urgent steps are needed to dispel rural despair

    The much delayed Socio-Economic and Caste Census, 2011, has finally seen the light of day, and going by its conclusions, it couldn’t have come a day

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture