BASIX Sub-K iTransactions, a fintech startup, has secured $10.5 million (INR 75 crore) series C round from Maj Invest. The platform BASIX Sub-K iTransactions will use the funds for business expansion and strengthening its technology stack, cited Inc42.
The company BASIX Sub-K claims to conduct transactions on end-to-end basis through recruiting, training and equipping local entrepreneurs as business correspondent agents who serve as human ATMs at the last mile of connectivity between the bank and the end consumer.
BASIX Sub-K was founded in 2010 with an aim to bridge the digital divide and create a financially-inclusive society.
BASIX Sub-K works through mobile or kiosk-based model to make access to cash and digital transactions simpler for those who have been left out of the traditional banking network.
Any customer with a bank account can walk into these BASIX Sub-K outlets and avail banking services such as cash deposit, cash withdrawal, remittance, fund transfer, balance enquiry, mini statement, loan repayment etc.
The company SABIX Sub-K also helps micro-entrepreneurs through microcredit, insurance, pensions, farm loans, personal loans, and vehicle loans. Government payments to citizens, Aadhaar card, PAN card services are also facilitated at some of these outlets.
Furthermore, according to the reports, payments tech startups accounted for 55.5 per cent of the total fintech investments between 2014 and 2018.
The top three fintech sub-sectors, payments tech, insurance tech and lending tech — combined makeup 85.7% of the total $6.97 Bn funding in Indian fintech startups in the same period.