Fintech startup Aye Finance on Wednesday said it had raised Rs 125 crore from Dutch entrepreneurial development bank FMO through issuance of non-convertible debentures.

With this fundraising, Aye plans to expand its outreach in providing credit, specifically to women-owned microenterprises in India, the company said in a statement.

Under the deal, FMO will work with Aye Finance to expand their services to women entrepreneurs in the country through a gender finance programme.