MicroVest, a debt-focused asset manager owned by US-based DAI Global, recently agreed to lend USD 2 million to Ecuador’s Fundacion Espoir, an NGO providing microcredit, insurance and financial education. The goal is to support Fundacion Espoir in assisting women-led micro-, small, and medium-sized enterprises (MSMEs) in recovering from the economic fallout of the COVID-19 pandemic and
Category: Latin America & Caribbean
MICROCAPITAL BRIEF: Bankingly of Uruguay Raises $11m in Equity Round Led by Dalus Capital to Help Financial Institutions Boost Digital Inclusion in Africa, Asia, Latin America
Uruguay’s Bankingly recently secured an investment package totalling USD 11 million, which it plans to use to expand in Latin America and Africa as well as enter Southeast Asia. Bankingly provides financial institutions with software-as-a-service (SaaS) that helps them serve customers via websites, mobile apps, chatbots and other tools, thus “facilitating the financial inclusion of millions of people…”. Bankingly CEO and Founder, Martin Naor, expressed the hope that
MICROCAPITAL BRIEF: Aliada Digital Card from NanoPay Offers Financial, Medical, Legal Services to Women in Mexico
Mexico’s NanoPay is targeting its new Aliada Digital Card at women in Mexico. The card, which leverages the network of US-based Mastercard, offers lines of credit as well as a range of free legal and medical services. The medical services include online access to physical and mental health professionals as well as
MICROCAPITAL BRIEF: Impact Asset Management Loans $11m from Dual Return Microfinance Funds to MFIs in East Timor, Ecuador, Kosovo, Nicaragua
Impact Asset Management (I-AM), a member of the Austria-based C-Quadrat Investment Group, recently disbursed loans from Vision Microfinance and Vision Microfinance Local Currency, the two sub-funds of the Dual Return Fund family, that total the equivalent of
MICROCAPITAL BRIEF: Catalyst Fund to Incubate 6 “Inclusive” Fintechs Serving Africa, Latin America
Catalyst Fund, an initiative of the US-based firm BFA (Bankable Frontier Associates) Global, recently announced the tenth cohort of financial technology (fintech) companies that it will support in their efforts to serve more “underserved and climate-vulnerable communities in emerging markets.” Four of the companies are based in
MICROCAPITAL BRIEF: MicroVest Investing $2.5m in Rentek of Colombia to Help MSMEs Recover from COVID-19 Downturn
MicroVest, a debt-focused asset manager owned by US-based DAI Global, recently agreed to lend USD 2.5 million to Rentek, a Colombian funder of micro-, small and medium-sized enterprises (MSMEs). The goal is to assist Rentek’s clients in recovering from the economic fallout of the COVID-19 pandemic. Founded in 1997, Rentek provides liquidity to businesses via loans, equipment leasing and invoice factoring. It also operates a
MICROCAPITAL BRIEF: BNCR Raising $75m from IDB Invest, FinDev Canada via Social Bond Issue Focusing on Women Entrepreneurs in Costa Rica
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, recently arranged a social bond issue in the amount of USD 75 million to benefit the Banco Nacional de Costa Rica (BNCR), a government-owned bank. The funding is intended to
MICROCAPITAL BRIEF: Central Bank of Brazil to Apply Banking Regulations to Large Fintechs, Maintain Flexibility for New Entrants
During the course of 2023 and 2024, Banco Central Do Brasil (BACEN) will phase in tighter regulatory restrictions on large financial technology (fintech) firms in Brazil. Using the concept of proportionality, the central bank’s new rules will
MICROCAPITAL BRIEF: IDB Invest to Help Comafi of Argentina Manage Environmental, Social Risks; Deploy $20m to SMEs for Equipment Upgrades
IDB Invest, a member of the US-based Inter-American Development Bank (IDB) Group, recently loaned USD 20 million to Argentina’s Banco Comafi to invest in small and medium-sized enterprises (SMEs) via leasing services and asset financing. In particular, the intent is to enable access to equipment that is more efficient or otherwise employs better technology. The wholesale loan has a period of up to three years and is renewable for an additional three years. Meanwhile, IDB Invest will
MICROCAPITAL BRIEF: “Digital Pro Mujer” Offers Financial Education, Digital Literacy Training, Mentoring, Loans, Mobile Money to Women in Latin America
The US-based social enterprise Pro Mujer recently launched “Digital Pro Mujer,” targeting southeastern Mexico, but open to women entrepreneurs and employees across Latin America. The platform offers a range of services, including digital wallets as well as virtual education and mentoring to help users develop digital and financial skills. The digital wallets offer services such as savings
MICROCAPITAL BRIEF: GCS International, Mastercard Target Unbanked in Jamaica with Mobile Wallets, Payment Cards
GCS International, a financial technology (fintech) firm based in the Dominican Republic, and Mastercard, a US-based payment technology firm, recently announced the implementation in Jamaica of their partnership “to develop and deliver digital payments solutions to underserved consumers across the Caribbean.” Using their work in the Dominican Republic as a model, the partners will
MICROCAPITAL BRIEF: Microserfin to Boost Farm Microinsurance, Microloans in Panama with $2.3m in Debt Finance from Huruma Fund
Microserfin, a lender to homeowners as well as micro-, small and medium-sized enterprises (MSMEs) in Panama, recently borrowed EUR 2 million (USD 2.3 million) from Huruma Fund, a Spain-based public-private partnership supporting rural finance in low- and moderate-income countries. Microserfin, which is controlled by the Spain-based Fundación BBVA Microfinanzas, serves 14,000 clients with financial products; financial education; and access to a 24-hour hotline for assistance with health, legal, agricultural and veterinary emergencies. The microlender’s upcoming plans include
MICROCAPITAL BRIEF: AXA, Acumen’s KawiSafi Lead $16m Equity, Debt Investment Round in Sistema.bio, Provider of Biogas Digesters
KawiSafi Ventures, a Kenya-based fund managed by US-based Acumen Capital Partners, and AXA IM Alts, which is controlled by France’s AXA Group, recently led an investment totaling USD 15.6 million in Sistema.bio, a Mexico-based biogas company that is active on four continents. The funding package includes
MICROCAPITAL BRIEF: CFE to Launch Agricultural Loans in Panama with Technical Assistance, $3.4m in Debt Finance from Huruma
Centro Financiero Empresarial (CFE), a lender to homeowners, microenterprises and small businesses in Panama, recently borrowed EUR 3 million (USD 3.4 million) from Huruma Fund, a Spain-based public-private partnership supporting rural finance in low- and moderate-income countries. While 61 percent of CFE’s customers live in rural areas, it serves farmers with conventional
MICROCAPITAL BRIEF: Banco Santander, DEG, IDB Invest, Itaú BBA Loan $150m to Banco Pan to Boost Digital Financing of Vehicles, Microenterprise, Consumption in Brazil
IDB Invest, a member of the US-based Inter-American Development Bank (IDB) Group, is leading a loan package totaling USD 150 million for Banco Pan SA, a Brazilian commercial bank, with the aim of increasing access to digital financial services for people with low incomes. The loan funding includes USD 50 million from IDB Invest, USD 25 million from Germany’s Deutsche Investitions-und Entwicklungsgesellschaft (DEG), and USD 75 million as a B loan funded in unspecified portions by Spain’s Banco Santander and Brazil’s Itaú BBA. Banco Pan plans to use the funding,
MICROCAPITAL BRIEF: European Investment Bank Launches EIB Global to Expand in Africa, Asia, Latin America
The EU’s European Investment Bank (EIB) recently launched a new unit, EIB Global, to expand its operations in Africa, Asia and Latin America with support from Team Europe, an initiative launched by the EU to help countries worldwide adjust to the COVID-19 pandemic. To support its expanded geographic scope,
MICROCAPITAL BRIEF: Te Creemos Subsidiary CAME Launches Techreo App to Expand Digital Financial Services in Mexico
Consejo de Asistencia al Microemprendedor (CAME), a unit of Mexico-based Te Creemos, recently launched an app called Techreo to expand the ways it provides financial services such as savings, loans, insurance and financial education. The institution has raised USD 7 million for the app from angel investors, of which USD 1.5 million is a loan from
MICROCAPITAL BRIEF: Cooperative Daquilema, Symbiotics Partner on $6.5m Bond Issue to Boost MSME Lending Among Indigenous Populations in Ecuador
Cooperativa de Ahorro y Crédito Fernando Daquilema, a cooperative in Ecuador, recently partnered with Symbiotics, a Switzerland-based impact investing firm, to raise USD 6.5 million via a bond issue with a term of three years. Daquilema is to on-lend the funds in amounts up to