A private equity investment vehicle managed by responsAbility Investments AG, a Switzerland-based asset manager specializing in impact investments in developing countries, recently paid an undisclosed sum to buy a minority stake of undisclosed size in Singapore-based C88 Financial Technologies. C88 operates online platforms that help consumers in Indonesia and the Philippines compare and access financial services. By partnering with the US-based credit bureau Experian, C88 helps its customers build credit profiles, enabling them to access better terms for financial services.
Henning Haugerudbraten, a representative of responsAbility, said, “C88 already helps match customers with appropriate products and facilitates pricing transparency in the Indonesian and Philippine markets. The next objective is to use the platform to provide access to finance to millions of unbanked customers, creating an extensive positive impact for financial inclusion. This makes C88 an ideal addition to our growing portfolio of impact-oriented financial institutions in emerging markets.”
C88’s online portals, CekAja.com in Indonesia and eCompareMo.com in the Philippines, help unbanked customers access insurance and other financial products from domestic financial institutions. Since its founding in 2003, the firm has served approximately 50 million customers.
Experian is a US-based credit reporting agency that offers marketing, analytics and consumer credit reporting services. Experian employs approximately 17,000 people across 37 countries.
Founded in 2003, responsAbility is headquartered in the city of Zurich. As of July 2018, it has debt and equity deployed in 550 firms distributed across 90 “emerging economies and developing countries, targeting the inclusive finance, renewable energy and sustainable agriculture sectors.” These assets are valued at a total of USD 3 billion.
By Erik McDonald, Research Associate
Sources and Additional Resources
ResponsAbility Press Release
https://www.responsability.com/en/expansion-responsability-fintech-portfolio-asia
C88 Financial Technologies
https://c88fin.com/
Experian
https://www.experian.com/
ResponsAbility
https://www.responsability.com
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