IGNIA Fund I, a social venture capital fund that aims to support the low-income population in Mexico and other regions of Latin America, recently invested USD 4 million in Finestrella, a Mexican company that offers postpaid mobile plans to consumers without the necessity of a credit history or upfront deposit. The investment is part of a USD 7 million Series A financing round that includes venture funds Bay Partners and Storm Ventures, which both have a strong focus on information technology companies.
“Without a credit card, credit history or, in most instances, a fixed line phone, the unbanked population up to now has had no other alternative but prepaid services that can total up to 30% of the family’s income,” said Ms Gabriel Manjarrez, CEO and co-founder of Finestrella. “With funding from IGNIA and our other investors we will rapidly expand the availability of Finestrella’s current offerings while developing other products and services that address the needs of our customer base.”
By Stefanie Rubin, Research Associate
About IGNIA:
IGNIA is a social venture capital investment firm based in Monterrey, Mexico, that aims to support high growth social enterprises that serve the low-income population in Latin America. IGNIA is currently raising an initial fund of USD 75 million.
Additional Resources:
Source Article: PR Newswire: IGNIA Fund I Leads US$7 Million Financing of Finestrella, an Innovative Pioneer in Postpaid Mobile Telephony Solutions to the Unbanked
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