Accion Venture Lab, a unit of US-based nonprofit Accion, recently took an equity stake of undisclosed size in TerraMagna, an agricultural financial technology (fintech) startup in Brazil that partners with retailers of farming inputs on underwriting and funding loans to smallholder farmers. To review loan applications, TerraMagna uses a
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MICROCAPITAL BRIEF: BizCapital, Fintech Promoting SMEs in Brazil, Raises $15m in Equity
BizCapital, a Brazilian provider of digital loans to small and medium-sized enterprises (SMEs), recently raised USD 15 million during its Series B fundraising round. The investors include Brazil-based 42K Investimentos, Brazil’s Chromo Invest, Germany-based Deutsche Investitions- und Entwicklungsgesellschaft (DEG),
MICROCAPITAL BRIEF: Brazil Loosens Eligibility Requirements, Streamlines Online Microloan Application to Assist Small Businesses During COVID-19 Pandemic
Brazil’s Conselho Monetário Nacional (CMN), the country’s National Monetary Council, recently raised the revenue limit for firms to be eligible for microloans in an effort to assist more small businesses struggling as a result of the COVID-19 pandemic. The maximum income had been
MICROCAPITAL BRIEF: IDB Loans $750m to BNDES to Support MSMEs in Brazil During COVID-19 Pandemic
The Inter-American Development Bank (IDB), whose membership comprises 48 nations, recently loaned USD 750 million to Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the Brazilian government’s development bank, to support micro-, small and medium-sized enterprises (MSMEs) in Brazil that have seen significant drops in revenue during the COVID-19 pandemic. The loan is expected to enable
MICROCAPITAL BRIEF: Fintech Supersim Raises $6m in Debt for Microfinance in Brazil
Supersim Análise de Dados e Correspondente Bancário, a Brazilian financial technology (fintech) startup, recently entered into a securitized debt agreement with a cap of BRL 30 million (USD 5.7 million), arranged by Navi, a Brazil-based asset manager. The source or sources of the funds remain confidential. This is the first time Supersim
MICROCAPITAL BRIEF: Central Bank of Brazil Launching Open Banking Regulations in Partnership with TecBan, Ozone
Banco Central do Brasil (BCB), the central bank of Brazil, is introducing open banking regulations “enabling licensed institutions to share customer data” with the goal of encouraging “the rise of comparison platforms, financial management tools and more customer-friendly payment initiation procedures.” The central bank plans to
MICROCAPITAL BRIEF: MercadoLibre, PayPal Linking Mercado Pago Payment System, PayPal Merchants to Expand Online Payment Options for 348m Customers, Particularly in Brazil, Mexico
MercadoLibre, an Argentina-based platform for online sales and payments in 18 countries in Latin America and the Caribbean, recently entered into a cross-platform agreement with US-based payments firm PayPal. This will allow: (1) MercadoLibre sellers in Brazil and Mexico to accept money from 300 million PayPal customers in about 200 countries via MercadoLibre’s Mercado Pago service; (2) PayPal merchants to accept payments from 48 million Mercado Pago users in Brazil and Mexico; and
MICROCAPITAL BRIEF: Banco Santander, IFC Lending $300m to Bradesco to Support MSMEs in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to syndicate a loan of USD 300 million for Brazil’s Banco Bradesco to support its lending to micro-, small and medium-sized enterprises (MSMEs). IFC and
MICROCAPITAL BRIEF: Gentera’s FiinLab, Oikocredit, Vox Capital Buy Equity Stakes in Fintech Avante, Boosting Mobile Microfinance, POS Service for Microenterprises in Brazil
Brazilian financial technology (fintech) firm Avante recently raised an undisclosed amount of funding from FiinLab, a unit of Mexico’s Gentera Group; Oikocredit, a Dutch cooperative; and Vox Capital, a Brazilian investor in education, health and financial services. The sizes of the stakes taken by each have not been disclosed. Of the three investors, only Vox
MICROCAPITAL BRIEF: IDB Invest Places $10m in Bozano Growth Capital Fund to Take Equity Positions in Mid-sized Healthcare Firms in Brazil
IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) Group, recently executed an equity investment of USD 10 million in Bozano Investimentos, a Brazil-based private equity and asset
MICROCAPITAL BRIEF: Brazil Launches $9b Credit Line Intended to Grow Micro-, Small Enterprises
The Brazilian government recently announced a new credit line of BRL 30 billion (approximately USD 9.4 billion) for banks to fund the working capital, equipment and advisory needs of micro- and small enterprises (MSEs).
MICROCAPITAL BRIEF: Brazil’s CODEFAT Announces $1.4b Credit Line PROGER Urbano–Capital de Giro for Micro-, Small Businesses
The Conselho Deliberativo do Fundo de Amparo ao Trabalhador (CODEFAT, translated as Deliberative Council of the Worker Support Fund), a unit of the Brazilian government, recently announced a line of credit totalling BRL 5 billion (approximately USD 1.4 billion) to be made available as working capital for companies earning annual gross revenues of up to BRL 3.6 million (approximately USD 1 million).
MICROCAPITAL BRIEF: AccessHolding Enters Latin America Acquiring 93% Equity Stake in Accion Microfinancas of Brazil
Access Microfinance Holding AG (AccessHolding), a German company that invests in microfinance institutions (MFIs), recently announced that it has acquired 93 percent of the equity in Accion Microfinancas SCMEPP SA, a Brazilian MFI that operates as a subsidiary of US-based nonprofit Accion.
MICROCAPITAL BRIEF: Brazilian Development Bank (BNDES) Loans $100m to Banco do Nordeste do Brasil to Expand Microcredit
Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the Brazilian government’s development bank, reportedly has announced that it will loan USD 100 million to Banco do Nordeste do Brasil (BNB), a public bank operating in Brazil’s Northeastern Region.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Acquires Minority Stake in Brazilian Insurer Austral Participações for $36m to Support Sectors such as Agriculture
The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, recently announced that it has invested BRL 80 million (USD 36 million) to acquire a minority stake in the Brazilian firm Austral Participações, whose holdings include Austral Seguradora, an insurance company focusing on the oil, engineering and surety markets; and Austral Resseguradora (Austral Re), a reinsurance company.
MICROCAPITAL BRIEF: US-based TriLinc Global Impact Fund Invests in Small, Medium-Sized Enterprises (SMEs) in Brazil, Chile, Indonesia, Peru
TriLinc Global Impact Fund (TriLinc), a US-based private investor in companies that it deems to contribute positively to socioeconomic development in emerging economies, recently disbursed a total of USD 5.7 million in loans through a series of investments in unspecified small and medium-sized enterprises (SMEs) in Brazil, Chile, Indonesia and Peru.
MICROCAPITAL BRIEF: Muhammad Yunus, Grameen Foundation, Grameen Bank, Brazil Foods (BRF) to Invest in Small Businesses, Genetically-Modified Organisms (GMOs) in Haiti
Nobel Peace Prize winner Dr Muhammad Yunus reportedly announced in June 2013 a new partnership between the Grameen Foundation, a US-based nonprofit of which Yunus serves is a board member, the Grameen Bank, a Bangladesh-based microfinance institution (MFI) founded by Dr Yunus, and Brazil Foods (BRF), a Brazil-based food production and processing company, to offer an unspecified amount of money through microfinance loans to small businesses in Haiti that are engaged in the production of genetically-modified organisms (GMOs), particularly in the poultry industry [1,2].
MICROCAPITAL BRIEF: Brazil’s Lower House of Congress Passes 1% Tax on Microinsurance
The lower house of the National Congress of Brazil recently approved a new financial operations tax for microinsurance companies of approximately one percent on the sale of microinsurance.