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 169 days ago
 Source: yourstory.com

[Funding alert] Japanese multinational bank SMBC acquires 5.4 pc equity in Northern Arc Capital

Quick Summary

Northern Arc Capital (formerly known as IFMR Capital Finance Limited), a Chennai-based debt capital platform catering to the under-banked individuals and businesses in India, has raised equity funding from Japanese multinational bank Sumitomo Mitsui Banking Corporation (SMBC), which has acquired a 5.4 percent equity in the company. This strategic alliance will allow SMBC to participate in investments structured and executed by Northern Arc in India and increase visibility for Northern Arc among global investors. The investment from SMBC will also help Northern Arc better address the debt needs of a growing client base across sectors, including new-age financial institutions in sectors such as consumer finance and fintech. Kshama Fernandes, Managing Director and CEO, Northern Arc Capital, said,“The investment by SMBC, one of the world’s largest financial services institutions, is a vote of confidence in Northern Arc’s business model, pioneering capabilities and corporate governance. Through a combination of capital, products, and partnerships, Northern Arc and its subsidiaries have created a platform that connects millions of borrowers to mainstream debt investors.

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