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Finayo Records 30% Growth On-Month In FY 22-23, Plans Expansion In Another Five States

The company has integrated its freemium model which has helped it to achieve a whopping 100 per cent conversion rate

Finayo Records 30% Growth On-Month In FY 22-23, Plans Expansion In Another Five States
Electric vehicles
POSTED ON October 23, 2023 1:05 PM

Finayo, an AI-powered SaaS lending technology within the green mobility sector, has recently achieved a significant milestone by disbursing over 2,000 loans during the fiscal year 2023. The company is poised to handle more than 3,000 loan applications by the conclusion of the upcoming fiscal year. 

With an expected 3000+ applications in the upcoming year, the AI-enabled EV financing platform has also recorded a 30 per cent month-over-month growth rate and made a substantial influence on the lending industry by instantaneously accepting 1700 loan applications. The company has accomplished this milestone in a timeframe that is superior to that of other traditional participants in the market, it said via a release.

The platform is set to venture into the 2-wheeler EV industry in collaboration with new lending partners, the release added describing its strategic expansion plan. Furthermore, it intends to extend its footprint to encompass five additional states: West Bengal, Uttar Pradesh, Uttarakhand, Karnataka, and Maharashtra, along with expanding its presence to over 20 cities by the end of the fiscal year 2024. This demonstrates Finayo's commitment to revolutionising the financing landscape in the green mobility sector

Brajendra Singh Tomar, co-founder and CEO of Finayo said, “We feel immense pride in building revolutionary solutions that have ushered us to achieve such exponential growth and simultaneously sustain an influential market position. From ensuring customer-centric for the underserved segment to cultivating a robust network of lenders, we have achieved astounding sales numbers merely in a short span of a year.” 

Founded in 2022, Finayo facilitates the financing in electric vehicle (EV) space. The start-up streamlines and automates the loan processing experience. This remarkable growth follows the successful completion of the pilot phase, during which the platform provided its services to the 3-wheeler EV industry in three major states: Madhya Pradesh, Rajasthan, and Gujarat. 

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