Plurall, the Colombian fintech company focused on delivering financial solutions to entrepreneurs, raised $20 million in debt capital from Fasanara Capital.
The investment firm is a global fund for this type of startups, based in London, with more than $3.5 billion in assets under management and a global portfolio of more than 100 companies, and Plurall’s is its first financing in South America.
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This financing will serve to favor the inclusion of microenterprises in Colombia
“We are delighted to be working with Fasanara, which in addition to providing us with debt funding, also becomes part of our group of equity shareholders. We have executed very well since the start of operations, having received over 5,000 sign-ups to our waiting list with only a modest marketing investment,” said Glenn Goldman, co-founder, and chief strategy officer of Plurall.
This financing will serve to favor the inclusion of microenterprises in Colombia, which, as Federico Gómez, co-founder, and CEO of the fintech company, says, are underserved by the financial industry.
“Recent industry studies show that less than 10% of microenterprises have access to formal credit or the ability to agree payment terms with their suppliers. For those that do have access to microcredit, there is an analogous, bureaucratic process based on physical documents,” he explained.
He added: “We solve this problem by offering a digital solution that provides access to microcredit, as well as an electronic deposit account and a Visa debit card, in a matter of minutes.
It should also be noted that this operation will enable Plurall to achieve the scale required to partner with distribution channels in the micro-entrepreneur niche.
In the three months that Plurall has been in the market, in beta testing phase, the startup has facilitated access to microcredit and electronic deposit accounts to more than 140 entrepreneurs from different sectors and territories in the country.
“We are impressed with Plurall’s strategy to support the financial inclusion of Colombian microenterprises. We are proud to help them with this objective, which is very much in line with our sustainable development agenda,” concluded Francesco Filia, CEO of Fasanara.
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First published in VALORA ANALITIK, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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