Business correspondent FIA Global applies for NBFC licence; to raise $20-M

FIA Global, which works with 35 banks as their business correspondent, is now planning to venture into direct lending, leveraging the 47 million customers it mobilized in its nine-year journey. The financial services provider to the under-banked has submitted an application to the RBI for a non-banking finance company (NBFC) licence. Founded in 2012, the firm is looking to tap institutional investors to raise up to USD 20 million next financial year to support its NBFC endeavour.