M1xchange, an India-based online exchange for receivables held by micro-, small and medium-sized enterprises (MSMEs), recently raised USD 10 million in a funding round led by US-based retailer and technology company Amazon, with participation from venture capital firms Beenext of Singapore and current US-based investor Mayfield. M1xchange’s other investor is SIDBI Venture Capital, an
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MICROFINANCE PAPER WRAP-UP: “Gender Equity in Development Finance Survey,” by Nancy Lee et al, Published by Centre for Global Development
Based on a survey of 16 development finance institutions (DFIs), this document offers a baseline of the extent to which “institutions incorporate gender objectives or analysis when developing investments, assessing development effectiveness, sourcing deals, and making investment decisions.” In particular, the survey investigates:
MICROCAPITAL BRIEF: FinDev Canada, FMO Loan $72m to Latin American Agribusiness Development (LAAD) for SME Finance
Development finance institutions (DFIs) FinDev Canada and the Netherlands Development Finance Company, which also is known by its Dutch acronym FMO, recently provided a syndicated loan of USD 72 million to the US-based, for-profit Latin American Agribusiness Development Corporation (LAAD). LAAD will use the funds to finance term loans and revolving lines of credit to small and medium-sized enterprises (SMEs) involved in agriculture in Latin America and the Caribbean, with the goal of spurring market development and job growth in rural communities. LAAD requires that each of its loans is used according to an
SPECIAL REPORT: Climate-change Resilience Takes Centre Stage at European Microfinance Week 2019
As
a proud co-organiser of the EUR 100,000 European Microfinance Award (EMA), e-MFP leverages European Microfinance Week to spot-light the theme of the Award each year. With EMA 2019 focused on Strengthening Resilience to Climate Change, the many ways that financial inclusion stakeholders are helping vulnerable populations adapt to climate change are at the forefront of the European Microfinance Week programme. If your work involves addressing climate change through financial inclusion, #EMW2019 is not to be missed!
The opening plenary, titled Strengthening Resilience to Climate Change, features the three finalists for EMA 2019:
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
MICROFINANCE EVENT: Foromic: Reinventing Inclusion; October 30 – November 1, 2019; Punta Cana, Dominican Republic
The 22nd edition of Foromic will focus on innovative digital solutions for Latin America and the Caribbean in the financial services, clean energy, agricultural technology (agtech), and water and sanitation sectors. Sample panel topics include: (1) Investing in
MICROCAPITAL BRIEF: Creation Investments Social Ventures Fund IV Closes with $184m to Invest in Microfinance, SME Finance
US-based Creation Investments Capital Management LLC recently met its goal of securing commitments totaling USD 184 million for its Social Ventures Fund IV. The investors were a mix of “existing and new investors including corporate pension plans, funds of funds, insurance companies, endowments and foundations, public pension funds, and family offices.”
With approximately USD 700 million in assets under management as of September 2019, Creation Investments seeks to “serve the
MICROCAPITAL BRIEF: FMO to Invest $30m in BICE to Support Imports by SMEs in Argentina
The Dutch development bank, which is often referred to by its acronym FMO, recently agreed to extend a loan worth USD 30 million to Banco de Inversion y Comercio Exterior (BICE), a development bank based in Argentina. BICE has agreed to on-lend the funds to local importers of Dutch goods, particularly
MICROCAPITAL BRIEF: Incofin; Microfinance Institutions Fundenuse, Fundeser, MiCrédito Operate Satellite-based Weather-index Microinsurance for Coffee, Grain Farmers in Nicaragua
Belgium’s Incofin Investment Management recently launched an insurance plan with Nicaraguan microfinance institutions (MFIs) Fundacion para el Desarrollo de Nueva Segovia (Fundenuse), Financiera Fundeser and MiCrédito to help 6,000 coffee and grain farmers be better prepared for climate change. The program utilizes “satellite imagery to
MICROCAPITAL BRIEF: Agricultural Fintech CropIn Receives $8m in Equity from Chiratae Venture, Gates Strategic Investment Fund to Improve Satellite Imaging, Outreach in India
Bengaluru-based agricultural technology firm CropIn recently raised USD 8 million in its Series B funding round to improve and expand usage of its mobile apps and other software for agri-business. This software processes satellite imaging to predict future crop outputs as well as offering “real time insight on standing
MICROFINANCE EVENT: Foromic: Reinventing Inclusion; October 29 – 31, 2018; Barranquilla, Colombia
Organized by the Inter-American Development Bank (IDB) Group and the government of Colombia, this year’s Foromic is themed “Reinventing Inclusion.” Speakers will discuss how new business models and technologies are affecting financial inclusion and entrepreneurial opportunity in Latin America. Although the detailed agenda for the event is still under development, the organizers have
MICROCAPITAL BRIEF: OPIC Loans $5m in Local Currency to Grameen Impact Investments India for SMEs
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned INR 355 million (USD 5 million) to Grameen Impact Investments India (GIII), a unit of Grameen Capital India (GCI) that
MICROCAPITAL BRIEF: ZAMFI Blames Zimbabwe’s Liquidity Challenges for Microfinance Portfolio-at-risk (PAR) Ratio Surpassing 12%
The Zimbabwe Association of Microfinance Institutions (ZAMFI), a 100-member advocacy group, recently announced its members’ aggregate portfolio-at-risk (PAR) ratio rose from 8.3 percent in December 2016 to 12 percent in March 2017, citing both “corporates and individuals fail[ing] to honour their debt obligations due to the liquidity crisis.”
MICROCAPITAL BRIEF: MIF Invests $5m in Nxtp Labs Fund for Tech Firms Seeking Social Impact in Argentina, Paraguay, Uruguay
The Multilateral Investment Fund (MIF), a member of the IDB (Inter-American Development Bank) Group, recently announced it will invest USD 5 million in equity in a fund launched by Nxtp Labs, an Argentine supporter of technology start-ups in areas such as (fintech), education (edtech), and reducing negative environmental impacts (cleantech).
MICROCAPITAL BRIEF: Islamic Development Bank’s ICD, Dragon Capital to Develop Sharia-compliant Investment “Silk-way Growth Fund” for SMEs in Kazakhstan
The Islamic Corporation for the Development of the Private Sector (ICD), a development finance institution of the Saudi Arabia-based Islamic Development Bank (IDB), and Dragon Capital Partners, the venture capital and private equity arm of Ukraine-based Dragon Capital Group, recently announced the intention to develop the Silk-way Growth Fund, a Sharia-compliant investment fund benefitting “high growth” small and medium-sized enterprises (SMEs) involved in manufacturing in Kazakhstan.
MICROCAPITAL BRIEF: MIF, Swiss Government Partner to Launch Social Impact Bond Fund to Improve Urban Employment in Colombia, Repayment to Be Contingent on Successful Client Outcomes
The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, is partnering with the Swiss State Secretariat of Economic Affairs (SECO) and the Colombian government’s Department for Social Prosperity (DPS) to launch a social impact bond fund aimed at increasing urban employment in Colombia.
MICROCAPITAL BRIEF: Nicaragua’s Fabretto Acquires Grants Totaling $1.8m for Training Rural Youth from Japan Special Fund for Poverty Reduction, Multilateral Investment Fund
Fabretto, an educational NGO in Nicaragua, recently received grants from two entities managed by the US-based Inter-American Development Bank Group: (1) USD 1 million from the Japan Special Fund for Poverty Reduction (JPO), which is funded the government of Japan and; (2) USD 800,000 from the Multilateral Investment Fund (MIF), which assists organizations in Latin America and the Caribbean.
MICROCAPITAL BRIEF: Multilateral Investment Fund Approves $4m Equity Investment in Angel Ventures Pacific Alliance Fund for SMEs in Chile, Colombia, Mexico, Peru
The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, recently announced an equity investment USD 4 million in the newly-established Angel Ventures Pacific Alliance Fund (AVPAF), a Mexico-based venture capital fund targeting “start-up” and “scale-up” businesses in Chile, Colombia, Mexico and Peru.