Avail Finance to acquire neobank YeLo, NBFC Art Climate

Avail Finance, which offers loans to blue-collar workers, has acquired fellow Bengaluru-based YeLo, a neobank operating in the same segment. Avail is also seeking regulatory nod to purchase non-bank lender Art Climate Finance (India) Pvt. Ltd. The acquisitions are expected to help the fintech platform become a one-stop solution for the blue-collar segment, with lending, savings, insurance and investment solutions under one umbrella. Avail Finance also plans to raise funds by the year end. YeLo, a startup co-founded by ex-Omidyar Network executive Nilesh Agarwal and Abhishek Challa, is focused on blue-collar workers earning INR 8,000- 30,000 per month and was operating in partnership with ICICI Bank. It had raised funding in a round led by Matrix Partners, Omidyar Network India, Flourish VC and Better Capital in September 2019.