A little over a month ago, three-year-old fintech startup Avail Finance announced it had raised $11.5 million in fresh funding. The transaction valued the online lender—which issues loans to blue-collar and gig workers—at about $70 million, according to estimates by Entrackr. A modest deal for a smallish startup?
There’s more than what meets the eye.
For one, the COVID-19 pandemic has not been kind to online lenders, with both the economic fallout and unhelpful regulatory action putting immense pressure on companies. Apart from the large, well-established players, this has not been a good