Avail Finance, one of India’s leading Neo-banks that provide products and offerings for the blue-collared workforce of India, recently launched ‘CreditATM’, a new era credit line with user-friendly features for its prime audience. With a one-time application and lifetime credit system, Avail Finance aims to provide support through a modern credit line in times of cash crunch to survive the month.
Keeping the virtual credit card model, a user can make payments via QR code or even withdraw cash from the account with an initial limit of Rs. 1000/-, which gets upgraded to Rs. 4000/- over a period of 6 months. The bill is generated at the end of every month that the user has to pay back within a stipulated time frame. Once the credit line is replenished, it is ready to be used again.
Speaking about the launch, Ankush Aggarwal, Founder, and CEO, Avail Finance said, “CreditATM was designed with the purpose of providing that extra financial assistance to our blue-collared workforce during those times of a cash crunch or in need of financial support to survive the month-end. With a user-friendly interface, the CreditATM feature provides a lifetime credit through a simple one-time application. Our constant aim is to provide the necessary support to the workforce of this segment and help them carry their responsibilities with ease”
In May 2021, Avail Finance raised Rs. 24 crores in debt financing led by Alteria Captial. As of today, the fintech startup has raised $21.6 million in equity from Matrix Partners, Falcon Edge, and Ola. Founded in 2017 by Ankush Aggarwal and Tushar Mehndiratta, Avail Finance has grown from a lending platform to the blue-collared workforce to now a neo-bank with various products across categories, including insurance, investment products, savings, etc.