Lendable Inc., a Nairobi, Kenya-based emerging market fintech credit provider, is targeting a $100m closed-ended fund focused on emerging and frontier market fintech investments.
The Lendable MSME Fintech Credit Fund today has soft closed a $49m investment from DFC, EMIIF (DFAT), Calvert Impact Capital, Ceniarth, BIO, FMO and FSD Africa (FSDAi). Another $20 million is on track to close in the fourth quarter and the fund is expected to hard close above $100m in 2022.
The vehicle is designed to ease access to financial services for over 150,000 Micro, Small and Medium Enterprises (MSMEs), providing investors with high impact exposure to important markets and the potential of high uncorrelated returns.
Backed by impact and development financial institution (DFI) investors, the fund provides credit to African and Asian fintech companies, who in turn offer fair credit facilities to MSMEs, which are the engines of wealth creation, financial inclusion, and economic growth in these regions.
It is a five-year blended finance closed-ended Luxembourg Reserved Alternative Investment Fund (RAIF), with FSDAi and EMIIF providing the first loss capital tranche.
Led by Chris Wéhbe, CEO, and Daniel Goldfarb, Executive Chairma, and Dylan Fried, CTO and CRO, Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions.
To date, the firm has disbursed over $180m to fintechs in over nine countries.