Accion Venture Lab, a unit of US-based NGO Accion, recently purchased an unspecified amount of equity in Colombian financial technology (fintech) firm R5, an online insurance and lending platform. Most of R5’s borrowers pledge vehicles as collateral and use the loan proceeds for
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MICROCAPITAL BRIEF: AlphaCredit Raises $125m in Equity for Fintech Lending in Mexico, Colombia from SoftBank Innovation Fund, Other Investors
AlphaCredit, a non-banking financial technology (fintech) firm based in Mexico City, recently raised USD 125 million from a group of investors led by the SoftBank Innovation Fund, a vehicle of the Japanese conglomerate SoftBank that focuses on Latin America. AlphaCredit provides loans to individuals in Mexico and Colombia;
MICROCAPITAL BRIEF: Finaktiva Raises $9m in Debt, Equity to Expand Fintech Lending in Colombia
Finaktiva, a Colombia-based online credit provider, recently raised USD 9 million from a group of investors led by Netherlands-based Triodos Bank and Switzerland-based investment firm AlphaMundi.
MICROCAPITAL BRIEF: Davivienda of Colombia Borrows $335m from IFC to Increase Lending for Women-owned SMEs, Housing
The World Bank Group’s International Finance Corporation (IFC) recently loaned Banco Davivienda of Colombia USD 335 million to increase its “financing of women-owned small and medium-sized enterprises (SMEs), social housing and sustainable
MICROCAPITAL BRIEF: IDB Invests $60m in Colombia for MSMEs to Boost Production Capacity, Energy Efficiency
Bancoldex, an institution of the Colombian government “focused on promoting business growth and foreign trade,” recently received approval to access USD 60 million of a potential credit line of USD 600 million from the Inter-American Development Bank (IDB), a US-based multilateral institution, for on-lending to retail lenders serving micro-, small and medium-sized enterprises. In particular, the funding will be directed to efforts to improve production capacity and energy efficiency. Bancoldex also will seek to support investments in
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
MICROCAPITAL BRIEF: IDB’s Financial Innovation Lab, Oikocredit Invest $5.7m in Equity in Sempli of Colombia to Expand Fintech Services for SMEs
The multilateral Inter-American Development Bank (IDB) and Netherlands-based cooperative investor Oikocredit recently closed an investment of USD 5.7 million in Colombian financial technology (fintech) company Sempli to increase its services to small and medium-sized enterprises (SMEs). The amount invested by each organization
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: BBVA Colombia Borrows $150m from IFC for Housing Lending, Expects Government to Subsidize Mortgage Rates
BBVA Colombia, a unit of Spain’s Grupo Banco Bilbao Vizcaya Argentaria (BBVA), is borrowing USD 150 million from the World Bank Group’s International Finance Corporation (IFC) to on-lend for housing. This comes as the government of Colombia is considering a plan to “reduce prices on the acquisition of housing loans for the middle class through subsidies to mortgage interest rates.”
Oscar Cabrera Izquierdo, the Executive President of BBVA Colombia
MICROCAPITAL BRIEF: Fairtrade Access Fund Loans $750k to Colombia’s Cooperativa DelosAndes for Coffee Mill
Germany-based development bank Kreditanstalt für Wiederaufbau (KfW) recently notified MicroCapital that the Fairtrade Access Fund (FAF), which invests in initiatives supporting farmers in developing countries, has loaned USD 750,000 to Cooperativa DelosAndes, a Colombia-based coffee cooperative, to co-finance a wet mill.
MICROCAPITAL BRIEF: IDB Loans Colombia $450m for Goals Including Facilitating Access to Capital for SMEs, Improving Financial Inclusion
The Inter-American Development Bank (IDB), a US-based multilateral finance institution that operates in Latin America and the Caribbean, recently announced it will extend a loan of USD 450 million to the government of Colombia with the goal of helping to “solidify macroeconomic stability, boost development, encourage public/private partnership financing, strengthen regulation of the financial system [and] promote financial inclusion.”
MICROCAPITAL BRIEF: Incofin Sells 55% Equity Stake in Colombian Microfinance Institution Crezcamos to Its Founder, Mauricio Osorio
Belgium’s Incofin Investment Management recently informed MicroCapital that its Rural Impulse Funds I and II have sold all of their shares of Crezcamos, a Colombian microfinance institution (MFI), to
MICROCAPITAL BRIEF: Colombia’s FM Bucaramanga, Ecuador’s Produbanco Borrow $12m for SMEs via Symbiotics’ Bond Platform
Switzerland-based Symbiotics SA, which specializes in micro-, small and medium-sized enterprise investment, recently issued bonds for two South American financial institutions: COP 33 billion (USD 10 million) for Colombia’s Fundación Mundial de la Mujer Bucaramanga (FMMB) and USD 2.25 million for Produbanco of Ecuador. The latter was the second of
MICROCAPITAL BRIEF: C-Quadrat’s Dual Return Vision Microfinance Funds Loan $22m in Burkina Faso, China, Colombia, El Salvador, Paraguay, Sri Lanka
Austria’s C-Quadrat Asset Management informed MicroCapital today that its Dual Return Vision Microfinance and Dual Return Vision Microfinance-Local Currency funds loaned a total approximately equivalent to USD 22 million during November to unspecified microfinance institutions (MFIs) in
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: 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.
MICROCAPITAL BRIEF: Maj Invest Raising Additional $25m for Financial Inclusion Fund II for Microfinance in Bolivia, Colombia, Ecuador, Peru
Maj Invest Group, a Denmark-based asset management and private equity firm, recently announced plans to grow its Maj Invest Financial Inclusion Fund II by USD 25 million to invest in Bolivia, Colombia, Ecuador and Peru.
MICROCAPITAL BRIEF: Developing World Markets Closes Debt Investments Totaling $8.3m in Armenia, Colombia, India, Nicaragua
Developing World Markets (DWM), a US-based asset manager and investment bank, recently announced that it issued loans in February and March 2016 to four unidentified financial institutions serving microentrepreneurs, including a Colombian bank and non-banking financial institutions (NBFIs) in Armenia, India and Nicaragua.