CreditAccess Asia, which is based in the Netherlands and provides microfinance services in four countries in Asia, recently acquired new equity investments totaling EUR 95 million (USD 103 million). The investors include the Asian Development Bank (ADB) and Italian private equity firm Istituto Atesino di Sviluppo. Olympus Capital Asia, a previous equity investor in CreditAccess, was among the investors increasing their stakes through the conversion of equity bonds.
Established in 2006, CreditAccess provides group and individual loans in India, Indonesia and the Philippines, and it also has a pilot operating in Vietnam. The equity raise is part of its plan to boost its client numbers from 1.8 million to 6 million and its portfolio from EUR 471 million (USD 496 million) to EUR 2 billion (USD 2.2 billion) by 2020.
Olympus Managing Director Daniel Mintz said, “We are excited to welcome ADB as a strategic partner for the next phase of growth of Credit Access Asia, which will include continued rapid expansion of the business in terms of clients, balance sheet, target geographies and sources of attractive financing.”
Established in 1997, Olympus has offices in the US and five Asian countries. It has invested USD 2 billion in Asian firms providing financial, agricultural, environmental and health services.
Headquartered in the Philippines, ADB is a development finance institution with consists of 67 country members. Its strategic priorities are to foster inclusive growth, facilitate regional integration and ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees in member countries in the region. As of 2015, ADB reported total assets of USD 117 billion.
Financial data on Istituto Atesino di Sviluppo are not available.
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