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Ola to acquire neo bank Avail Finance

Ola, an Indian ride-hailing startup, has agreed to acquire neo-banking platform Avail Finance in order to expand its financial services offering.

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Key Points:

  • The financial terms of the agreement were not disclosed by Ola, which owns a 9% share in Avail Finance.
  • Moneycontrol, on the other hand, claims that the deal is worth $50 million.
  • Ola intends to use Avail Finance’s product portfolio to enhance its lending operations and further its neo-banking expansion goals.
  • The acquisition is a critical step in Ola’s bigger drive into the fintech market as it strives to develop a mobility-focused financial services business under Ola Financial.
  • Ola Financial Services will expand its position in the credit underserved areas that include blue-collar employees, such as Ola’s driver-partner ecosystem, with this purchase.

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