Matrix invests in micro and small business financier FSBC
Feb 28 2014 , Mumbai
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.