Financing big dreams of small companies
Driving force for digital transformation and company growth
The varying financing requirements of India's 63 million MSMEs are often not met by traditional banks. This is due to outdated credit scoring requirements.
NeoGrowth, which was founded in 2013, aims to close this gap with the help of digital underwriting and has become one of the leading fintech companies in India.
With its range of secured and unsecured loans with individual repayment options, the company has driven the digital transformation of numerous companies. NeoGrowth has issued over USD 1 billion in loans in the last ten years, with 50 percent of the funds going to companies less than five years old and 17 percent to female entrepreneurs. responsAbility Investments has supported NeoGrowth's expansion with more than USD 56 million in financing since 2016.
Strengthening financial inclusion by focusing on underserved employers
NeoGrowth provided loans to 16,700 micro, small and medium-sized enterprises in India and supports companies that do not have access to traditional bank loans due to a lack of collateral. With its customized loan products, NeoGrowth contributes to building a more inclusive and robust financial system in India.
Average loan amount to MSMES: under
Total disbursement to MSMES:
Strengthening the economic performance of women through the provision of credit services
NeoGrowth's customer base comprised 2,600 companies owned by women. To date, around 24% of loans have been granted to companies run by women as sole proprietors, shareholders or managing directors.
Number of MSMEs financed, managed or owned by women:
Number of MSMEs financed, managed or owned by women: - total size of loans:
Job creation through MSME financing
NeoGrowth supports jobs by providing financing to 16,700 SME clients, an important sector that accounts for over a third of India's GDP. Digital tools facilitate repayments and improve record keeping, leading to informed lending decisions.
Number of MSME customers:
Expenses for employee training:
Over the years, NeoGrowth has become one of responsAbility's most reliable partners. The company has been making a significant contribution to closing the credit gap in the MSME sector since 2017. Its commitment to gender equality is reflected in the impressive rate of female borrowers, who are generally underrepresented in MSME financing. By supporting MSMEs, NeoGrowth contributes to the sustainable growth of the local economy.
Aakanchha, Investment Officer – Financial Inclusion Debt