Avail Finance acquires neobank YeLo – Mint

India-based financial technology firm Avail Finance has acquired neobank YeLo while waiting for regulatory approval to buy nonbank lender Art Climate Finance (India) Pvt. Ltd., Mint reported Nov. 18, citing a person familiar with the development.

The acquisition of YeLo, which operates in the same blue-collar segment as Avail Finance, has not been formalized, the unnamed source noted.

Messages sent to YeLo co-founder Nilesh Agarwal and Avail Finance co-founder Ankush Aggarwal remained unanswered at the time of the report's publication, Mint noted, adding that queries sent to Art Climate Finance were also not answered.