Finance

Lendable to raise $100mln for operations in Africa and Asia

Wednesday, 13 October 2021 18:23
Lendable to raise $100mln for operations in Africa and Asia

(Ecofin Agency) - Emerging market fintech credit provider Lendable unveiled a plan to raise $100 million by the first half of 2022. The resources will be invested in small and medium-sized enterprises (SMEs) to support alternative energy projects and financial services in Africa and Asia.

The investor says it will provide credit to more than 150,000 African and Asian fintech startups. These companies will then on-lend the funds to SMEs working on alternative energy projects and those providing financial services such as payments and remittances, but have limited access to credit. “Through our fintech investments, we are providing essential working capital for MSMEs that enable off-grid customers to buy energy products and open the door to innovative digital banking services to consumers,” said Daniel Goldfarb (pictured), co-founder of Lendable.

The fund investor has been in positive momentum for several months. According to CEO Chris Wehbe, the company is experiencing steady growth this year, with new monthly disbursements of up to $15 million.

Adoni Conrad Quenum (intern)



 
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