After first investing in the non-banking financial company – microfinance institution (NBFC-MFI) in 2014, the development finance institution Abler Nordic has now exited its investment in Satin Creditcare, a provider of financial services to underrepresented women in India. Among the initial goals of the partnership was to help Satin expand to northern India. Since then – 2014 – Satin has increased its client count by 2.2 million people and added 1,100 branches. The buyer of Abler Nordic’s stake and its pricing have not been released.
Arthur Sletteburg, Managing Director of Abler Nordic, stated, “it has been a pleasure to be a part of [the MFI’s] journey in growing from a regional to a national presence. Satin has developed into a very sophisticated organisation that has empowered millions of Indian women with responsible financial services….”
Founded in 1990, Satin Creditcare provides financial services for “entrepreneurial, low-income women across India with no or limited access to traditional banks.” As of September 2023, the company has 3 million clients and a gross loan portfolio of USD 929 million. Among its offerings is a mobile app to allow for remote access to services. In 2017, the MFI launched Satin Housing Finance, which serves 6,000 clients and has a portfolio of USD 60 million as of September 2023.
Established in 2008, Abler Nordic has USD 345 million deployed in Africa and Asia via five microfinance funds as of 2023. Its investees serve 9.6 million people, nearly all women, mostly who live in rural areas. The organization has offices in Denmark, India, Indonesia, Kenya and Norway.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
Abler Nordic press release on Satin Creditcare
https://www.ablernordic.com/news/abler-nordic-exits-satin-creditcare/
Satin Creditcare homepage
https://satincreditcare.com/
Satin Creditcase app on Google Play
https://play.google.com/store/apps/details?id=com.satincreditcare.android.customerservice
Abler Nordic homepage
https://www.ablernordic.com/
Previous MicroCapital article on Abler Nordic
https://www.microcapital.org/microcapital-brief-abler-nordic-sells-equity-stake-in-microfinance-institution-baobab-senegal-retains-holding-in-parent-company/
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