Alphabet-backed fintech Aye Finance logs 56% growth in AUM in 2022-23

Aye Finance, a young non-bank finance company, He said his loan book grew by 56 per cent in 2022-23 to touch Rs 2,700 crore as of March 31 this year. This FinTech lender, which focuses on providing unsecured small business loans to the micro enterprise segment, has recorded a net profit of Rs 60 crore on revenue of Rs 630 crore for the financial year ended 31st March 2023.

It has added 1 lakh active clients for the financial year to take the total customer base to 3 lakh micro-enterprises.

Capital G (the investment arm of Google’s Alphabet), which started in 2014, has provided earmarked business loans of over Rs 7,000 crore to 6 lakh small enterprises and enabled their inclusion in the formal economy.

Sanjay Sharma, Managing Director, Aye Finance said: “After difficult years affected by Covid, FY23 came as an opportunity to return to high levels of performance. Credit quality is back to pre-Covid levels and profitability has never been better. We are now ready for another promising stage and we will expand our customer base with profitability and positive social impact in FY24.”

Lending to micro, small and medium enterprises

The fintech lender is making rapid strides in transforming micro-enterprise lending having broken that hard part of lending with its unique group-based credit rating approach and optimally numbered phygital model.

Aye Finance is backed by leading investors – Elevation Capital, CapitalG, Alpha Wave Global, Light Rock, A91 Partners and MAJ Invest, who support the lender in its mission to create an inclusive ecosystem for small entrepreneurs.