Avail Finance introduces ‘CreditATM’, a new generation line of credit with easy-to-use features for blue collar workers

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Avail Finance, one of India’s leading neo-banks providing products and offerings to Indian blue-collar workers, recently launched ‘CreditATM’, a new line of credit with user-friendly features for its primary audience. With a single application and a lifetime credit system, Avail Finance aims to provide support through a modern line of credit in times of cash shortage to survive the month.

Maintaining the virtual credit card model, a user can make payments via a QR code or even withdraw money from the account with an initial limit of Rs. 1000 / -, which increases to Rs. 4000 / – on a 6 month period. The invoice is generated at the end of each month that the user must repay within a specified period. Once the line of credit is replenished, it is ready to be used again.

Commenting on the launch, Ankush Aggarwal, Founder and CEO of Avail Finance, said, “CreditATM was designed with the goal of providing this additional financial assistance to our blue collar workforce during times of cash shortage or need financial support to survive the end of the month. With a user-friendly interface, the CreditATM feature offers lifetime credit through a simple, single application. Our constant objective is to provide the necessary support to the workforce in this segment and to help them carry out their responsibilities with ease.

In May 2021, Avail Finance raised Rs. 24 crore in debt financing led by Alteria Captial. To date, the fintech startup has raised $ 21.6 million in equity from Matrix Partners, Falcon Edge and Ola.

Founded in 2017 by Ankush Aggarwal and Tushar Mehndiratta, Avail Finance has grown from a blue collar workforce lending platform to now a neo-bank with various products across all categories including insurance, investment products, savings, etc.


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