MICROCAPITAL BRIEF: Sempli of Colombia Raises $8m in Equity Round Led by Incofin, Oikocredit

Sempli, a financial technology (fintech) company based in Colombia, recently secured Series A equity totaling USD 8 million via a funding round led by Incofin CVSO, a cooperative fund managed by Belgium-based Incofin Investment Management (IM), and Netherlands-based cooperative investor Oikocredit. Established in 2017, Sempli combines in-house with on-site due diligence in lending to small and medium-sized enterprises (SMEs) in amounts ranging from USD 10,000 to USD 100,000 for periods of six months to three years. Sempli intends to use the new funding to continue to grow its portfolio and enhance its data analytics and other technology processes. The other participants in the funding round are a mix of first-time and repeat investors including Generación Exponencial, the Inter-American Development Bank Group’s IDB Lab, Impulsum Ventures and XPT1 Fund.

Esteban Velasco and Felipe Llano, the co-founders of Sempli, said in a joint release, “Our purpose and dream is to transform and disrupt the banking industry…as a solid balance sheet lender that will positively impact the growth of thousands of small businesses in our country.”

Felipe Vargas, Incofin IM’s equity investment manager, commented, “Improving the access to credit for small entrepreneurs, the so-called ‘missing middle’ has a significant potential in terms of social and economic impact, given the key role of these businesses in the creation of formal job opportunities and the economic dynamic of countries like Colombia.”

Since its inception, Sempli has raised approximately USD 24 million in several equity rounds plus debt funding from AlphaMundi, Bancoldex and Triple Jump. As of 2018, Sempli has disbursed a total of USD 10 million in loans and has a portfolio of USD 7 million.

Incofin IM is a for-profit firm that was founded in 2001 and seeks “to promote inclusive progress.” As of January 2019, it has about 325 investments in 65 countries. Its portfolio, valued at USD 1 billion, comprises the following funds: agRIF, BRS Microfinance Coop Fund, Fairtrade Access Fund, Fonds pour l’Inclusion Financière en République Démocratique Congo (FPM), Incofin CVSO, Invest in Visions, Rural Impulse Fund (RIF) II, Volksvermogen and a loan portfolio of vdk Bank.

Founded in 1975, Oikocredit is a cooperative that invests in microfinance, fair trade, agriculture and renewable energy. As of June 2019, the entity has a total portfolio of EUR 1.8 million (USD 1.97 million), most of which is invested in approximately 700 partner organizations.

By Anna Gravois, Research Associate

Sources and Additional Resources

Oikocredit press release
https://www.oikocredit.coop/k/n2613/news/view/312375/9049/colombian-fintech-sempli-raises-usd-8-million-in-series-a-round-led-by-oikocredit-and-incofin-cvso.html

Sempli homepage
https://www.sempli.co

Oikocredit homepage
https://www.oikocredit.coop

Incofin homepage
http://www.incofin.com

IDB Lab homepage
https://bidlab.org

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