Home   »   Business Current Affairs & News   »   Ola to acquire neo bank Avail...

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More Business News Here

Ola to acquire neo bank Avail Finance_4.1PhonePe acquires freelance entrepreneur network GigIndia_80.1