FMO, the Dutch development bank, has provided a USD 40 million five-year senior secured listed Non-Convertible Debenture facility to MAS Financial Services Limited, a leading Indian non-banking financial company. The proceeds will be deployed to expand MAS Financial's MSME loan portfolio, furthering financial inclusion across underserved segments in India.

Founded over 30 years ago, MAS Financial Services is a diversified NBFC focused on underserved and underbanked communities across MSME, SME, two-wheeler, commercial vehicle, and salaried personal loan segments. The company's business model is built on deep local relationships, granular credit underwriting, and a strong understanding of informal income patterns, positioning it as a natural conduit for development finance institution capital targeting financial inclusion objectives in India.

The transaction reflects growing DFI appetite for high-quality Indian NBFCs with demonstrated social impact credentials and robust underwriting track records.

Alpen Capital – IMAP GCC acted as exclusive arranger to MAS Financial Services on the transaction.