On Thursday, Ola announced that it has engaged in an agreement to buy neo bank Avail Finance, which provides financial services to the blue-collar sector. It has over 6 million users. According to Ola Financial, the acquisition represents a critical move in the company’s bigger drive into the fintech market as it wants to develop a mobility-focused financial services firm.
“Ola will leverage Avail Finance’s products and capabilities which will strengthen Ola’s lending business and help Ola expand into Neo Banking products. Ola’s fintech business will be augmented by Avail Finance’s strong leadership team with experience in the consumer lending industry, along with a strong technical team across tech, product and design, Data Science and Analytics amongst others,” the company said in a statement.
Ola will be able to cross-sell numerous financing products to its massive driver-partner network as a result of this growth.