by the MicroCapital Team -

SPECIAL REPORT: European Microfinance Week 2021 to Be Fully Online

From the European Microfinance Platform (e-MFP): The past 15 months have been very challenging, and during this time we at e-MFP have engaged with our members and friends and adapted our activities accordingly to best mitigate the effects this pandemic brings to our sector and the vulnerable people we as a community serve.

One of our flagship activities is European Microfinance Week – held annually in November – and while it is difficult to predict the progression of the pandemic, it remains likely that travel restrictions will still apply in the coming months and that participants from the global South will be

by Harriet Ritchie -

MICROCAPITAL BRIEF: Kushki Raises $86m in Equity to Grow Fintech Services for Retailers in Latin America

Kushki, a digital payment processor that is active in Latin America, recently raised USD 86 million in its Series B funding round. The investors – not all of which have been named – include Spain-based Conexo Ventures, Mexico-based Dila Capital,

by Harriet Ritchie -

MICROCAPITAL BRIEF: IDB to Lend $150m to Panama, Targeting MSME Recovery

The Inter-American Development Bank (IDB), a multilateral financial institution that promotes economic development in Latin America and the Caribbean, recently approved a loan of USD 150 million to support micro-, small and medium-sized enterprises (MSMEs) in Panama in adjusting to the COVID-19 pandemic “by facilitating access to production-oriented finance.” The funding will be delivered via

by Harriet Ritchie -

MICROCAPITAL BRIEF: Banverde of Mexico Raises $57m for Rooftop Solar Power from CIFI, Banverde Activos, WRB Serra Partners

Corporación Interamericana para el Financiamiento de Infraestructura (CIFI), a Panama-based financier of privately owned infrastructure projects in Latin America and the Caribbean, recently led a round of funding for Banverde, a private equity fund in Mexico that finances the installation of rooftop solar panels. The funding round totaled USD 57 million, with unspecified levels of funding invested by CIFI and

by Harriet Ritchie -

MICROCAPITAL BRIEF: Common Cents Lab, IDB, Mastercard, MercadoLibre Harnessing Behavioral Economics, Technology in Effort to Bolster Financial Stability of Entrepreneurs, SMEs in Latin America

The Inter-American Development Bank (IDB), a multilateral financial institution that promotes economic development in Latin America and the Caribbean, recently partnered with US-based Common Cents Lab, US-based financial services company Mastercard and Argentina-based e-retailer MercadoLibre on a program intended to improve the ability of entrepreneurs as well as small and medium-sized enterprises (SMEs) “to prepare for, deal with and recover later from economic shocks.” Over two years, the partners will design and test “behavioral-informed interventions,” such as reminders, deadlines or social pressure, “within the MercadoLibre platform and

by Harriet Ritchie -

MICROCAPITAL BRIEF: Positive Ventures of Brazil Raises $10m for Impact Fund Supporting Cleantech, Education, Fintech, Health

Positive Ventures, a Brazilian venture capital and private equity firm, recently raised USD 10 million for an impact investment fund from its limited partners, including Cândido Bracher, who previously served as Chairman of Brazil-based Itaú Unibanco; Teresa Bracher; and Luis Stuhlberger, who co-founded Brazil-based Verde Asset Management. Positive Ventures invests in companies seeking to “create an economic, social and

by Harriet Ritchie -

MICROCAPITAL BRIEF: BancoSol Adds “GanaSol” Game to Mobile App to Incentivize Financial Services Usage in Bolivia

Banco Solidario (BancoSol), a Bolivian commercial bank that primarily offers microfinance services, recently upgraded its mobile app to include “gamified” software intended to boost its customers’ usage of mobile banking. GanaSol allows users to earn points by “maintaining or increasing their savings account balances;” the points can

by Harriet Ritchie -

MICROCAPITAL BRIEF: Cívico of Colombia Launches “Negocios” App to Help MSMEs Advertise, Sell, Maintain Customer Relationships Online

Cívico, a Colombia-based online marketplace, networking and loan platform for micro-, small, and medium-sized enterprises (MSMEs), recently launched a mobile app called Negocios that allows users to “create a digital presence for their businesses, upload and sell their products, and connect with their clients.” Cívico also is using the app to collect data on the MSMEs’ interactions with their customers “to

by Aakansha Shenoy -

MICROCAPITAL BRIEF: Kiva Refugee Investment Fund Closes with $32m to Scale Lending to Forcibly Displaced Persons, Host Communities Via Microfinance Institutions

The Kiva Refugee Investment Fund (KRIF), an entity controlled by the US-based NGO Kiva Microfunds, recently completed its first close, with USD 32.5 million raised from

by Harriet Ritchie -

MICROCAPITAL BRIEF: Cora Raises $27m in Equity from Ribbit, Greenoaks, Kaszek for Fintech in Brazil

Cora, a Brazil-based financial technology (fintech) firm that serves owners of small and medium-sized enterprises (SMEs), recently announced it received approximately BRL 150 million (USD 26.7 million) in its Series A funding round, led by US-based investment firm Ribbit Capital with participation from US-based Greenoaks Capital and Argentina-based Kaszek Ventures. The breakdown of the investment total among the firms and the sizes of the stakes

by Bradley Shulman -

MICROCAPITAL BRIEF: Belize Bank, Wallet Factory to Launch Digital Payment Service E-kyash

Wallet Factory, a financial technology company based in the UK, recently partnered with Belize Bank Limited, a commercial bank in Belize, to create E-kyash, a digital payment platform aiming to ease financial transactions for people without bank accounts. E-kyash’s offerings include utility bill payments, retail payments via

by Harriet Ritchie -

MICROCAPITAL BRIEF: Dominican Republic-Based Banco Caribe to Receive $2.64m, Technical Assistance from Oikocredit to Support SMEs

Netherlands-based cooperative Oikocredit recently invested DOP 150 million (USD 2.64 million) in Dominican Republic-based Banco Caribe to support the country’s small and medium-sized enterprises (SMEs), with the hope that the infusion will “further [motivate] responsible investments in the region.” Additionally, Oikocredit will provide Banco Caribe with technical

by Harriet Ritchie -

MICROCAPITAL BRIEF: DFC to Guarantee $10m in Borrowing by Trine to Invest in Solar Power in Latin America, Caribbean

The US government’s International Development Finance Corporation (DFC) recently agreed to cover half of potential losses on USD 20 million being raised by Trine AB, a Sweden-based solar investment platform, to support industrial solar ventures as well as mini-grids in Latin America and the Caribbean. This funding is sufficient to supply renewable energy to approximately 600,0

by Harriet Ritchie -

MICROCAPITAL BRIEF: IDB Launches Program to Connect Women’s MSMEs in Latin America, Caribbean with Value Chains, International Trade

The Inter-American Development Bank (IDB), a multilateral financial institution that promotes economic development in Latin America and the Carribbean, has partnered with six large companies to launch a program promoting the integration of women-owned businesses “into foreign trade and regional value chains” as a way to: (1) stimulate the region’s economy as it adjusts to the COVID-19 pandemic; and (2) increase job opportunities and decrease economic and other gaps between men and women. The private firms, whose roles have yet to be clearly defined, are Ireland-based Accen

by Harriet Ritchie -

MICROCAPITAL BRIEF: Deetken Impact, Pro Mujer Raise $1.3m from USAID for Ilu Women’s Empowerment Fund to Deploy in Latin America, Caribbean

Canada-based asset management company Deetken Impact and US-based nonprofit women’s development organization Pro Mujer recently announced they have raised USD 1.3 million from the US Agency for International Development (USAID) for the Ilu Women’s Empowerment Fund, which is active in Latin America and the Caribbean. Deetken plans to leverage a portion of the funding to attract private investment, adding a total of USD 5 m

by the MicroCapital Team -

SPECIAL REPORT: Apply/Postulez/Postular – European Microfinance Award 2021

From the European Microfinance Platform (e-MFP): The €100,000 European Microfinance Award 2021 on ‘Inclusive Finance and Health Care’ highlights the crucial role the inclusive finance sector can play in helping low-income and excluded populations both plan day-to-day medical spending and ‘smooth’ out health-related financial shocks.

If you are

by Harriet Ritchie -

MICROCAPITAL BRIEF: EIB to Loan $8.3m to Banco ADOPEM, Targeting Women Microentrepreneurs in Dominican Republic

The EU’s European Investment Bank (EIB) recently agreed to loan approximately DOP 480 million (USD 8.33 million) to Banco de Ahorro y Crédito ADOPEM, a microfinance institution (MFI) in the Dominican Republic, targeting microentrepreneurs as they adjust to the COVID-19 pandemic. The wholesale loan will allow ADOPEM to provide approximately 27,000 re