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S.M.I.L.E. Microfinance

smileltd.org

Founded Year

2005

Stage

Acquired | Acquired

Total Raised

$10.86M

About S.M.I.L.E. Microfinance

Operator of a microfinance institution. The company aims to empower the poor women to become economically self-reliant. It aims to offer them financial and non financial support in a sustainable manner in the right way.On February 24th, 2022, S.M.I.L.E. Microfinance was acquired by Northern Arc Capital. The terms of the transaction were not disclosed.

Headquarters Location

No.4 Dr. Natesan Road Ashok Nagar

Chennai, 600 083,

India

91 44 23718588

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Latest S.M.I.L.E. Microfinance News

PE-backed Northern Arc snags $25 mn from Proparco

Aug 4, 2022

By ADVERTISEMENT Private equity-backed debt financier Northern Arc Capital Ltd has raised $25 million (around Rs 187 crore) in external commercial borrowings (ECB) from AFD Group’s private sector financing arm, Proparco. ADVERTISEMENT The long-term funding will be used by Northern Arc (formerly IFMR Capital Finance) to serve MSMEs and women entrepreneurs. It will also be deployed to provide differentiated credit solutions to these customers both directly and through partners, the financier said in a statement. Since inception in 2009, the Northern Arc Group has enabled financing for Originator Partners who have impacted over 54 million lives across India, of which more than 42 million were women. The debt lender has raised close to about Rs 1 trillion in financing for customers. ADVERTISEMENT Chennai-based Northern Arc is backed by investors including LeapFrog, IIFL, Accion, Augusta Investments (known as Affirma Capital), Dvara Trust, Eight Roads and Japanese bank Sumitomo Mitsui Banking Corporation (SMBC). “This transaction is proof of Northern Arc’s ability to forge partnerships with and attract funding from reputed global DFIs. The usage of proceeds will be towards enabling the next billion customers access financial services directly through digital channels as well as serving them through partnerships,” said Ashish Mehrotra, managing director and chief executive officer of Northern Arc Capital. Proparco is the private sector financing subsidiary of Agence Française de Développement Group. It provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and West Asia. “Nothern Arc’s mission to enable access to finance for the underbanked in an efficient, scalable and reliable way is in line with Proparco’s Financial Inclusion strategy in India,” said Diane Jegam, Regional Director – South Asia, Proparco. In May, Northern Arc Capital invested in fintech startup Karbon Card, in a debt financing round. Early this year, VCCircle reported that Northern Arc had entered into an agreement to acquire Chennai-based microfinance business of S.M.I.L.E. Microfinance Ltd through a slump sale. ADVERTISEMENT

S.M.I.L.E. Microfinance Frequently Asked Questions (FAQ)

  • When was S.M.I.L.E. Microfinance founded?

    S.M.I.L.E. Microfinance was founded in 2005.

  • Where is S.M.I.L.E. Microfinance's headquarters?

    S.M.I.L.E. Microfinance's headquarters is located at No.4 Dr. Natesan Road, Chennai.

  • What is S.M.I.L.E. Microfinance's latest funding round?

    S.M.I.L.E. Microfinance's latest funding round is Acquired.

  • How much did S.M.I.L.E. Microfinance raise?

    S.M.I.L.E. Microfinance raised a total of $10.86M.

  • Who are the investors of S.M.I.L.E. Microfinance?

    Investors of S.M.I.L.E. Microfinance include Northern Arc Capital and Developing World Markets.

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