International Finance Corporation,
Member of the World Bank Group, and Venture Impact Investor Elevar Equity
Co-Lead Round to Fuel Growth and Expansion in Argentina, Peru, Mexico,
Colombia and Brazil.
Buenos Aires, Argentina, Washington, D.C.,
- March 16, 2016. Afluenta (www.afluenta.com),
the leading Latin America peer-to-peer lending network that brings together
investors and creditworthy borrowers, announces today the completion of
its Series B funding round from the International Finance Corporation (IFC),
the private sector institution of the World Bank Group, and Elevar Equity,
a leading impact venture capital firm. IFC and Elevar Equity are investing
$4 million each.
Afluenta is the leading company of the new
Latin American FinTech generation that is revolutionizing the banking industry.
It seeks to disrupt the traditional financial services industry, cutting
out middlemen and using proprietary technology to transform the process
of applying for a loan, thus facilitating access to financing. Afluenta
offers borrowers a simple, affordable and less bureaucratic experience,
while delivering better yield for individual and institutional lenders.
A pioneer in the region, Afluenta plans to
use the proceeds of the Series B financing for accelerating its network
expansion plan across Latin America. Launched in Argentina in 2012 and
in Peru in 2015, Afluenta plans to launch new services in Mexico, Colombia
and Brazil in the next 12 months to consolidate as the first pan-regional
player of this new and disruptive alternative financing.
“Afluenta is uniquely positioned to lead
the emerging class of innovative FinTech companies in Latin America. Already
a leader in Argentina, Afluenta will expand marketplace lending to multiple
countries in the region and disrupt traditional models for loans and investments,
making these services more accessible and affordable to millions of people”
said Johanna Posada Gil, Co-Founder at Elevar Equity who co-leads with
$ 4 million dollars investment, which represents its first investment into
a peer-to-peer company in Latin America. Elevar Equity is a leading investment
fund that provides equity capital for exceptional entrepreneurs whose high
growth companies bring positive economic and social impact to underserved
“Afluenta has built a world class technology
and solid track record in the challenging Latin American economies to demonstrate
that the peer-to-peer business model works and effectively delivers value
to both borrowers and lenders.” said Salem Rohana, IFC Country Manager
in Argentina, Chile, Paraguay and Uruguay. “This $ 4 million investment
in Afluenta reflects IFC’s interest in supporting innovative business
models in the region to improve access to finance for companies and individuals”.
It represents IFC’s first global investment in a peer-to-peer industry.
“We are grateful to Elevar Equity and IFC
for their support and commitment to Afluenta’s growth and success,” said
Alejandro Cosentino, Founder and CEO of Afluenta. “This Series B world
class investors give us valuable resources to further develop our evolving
technology, develop new products, offer much better service to our customer
base and expand our reach to a whole new segments of potential customers.”
founded by the Argentinean entrepreneur Alejandro Cosentino, is a Latin
FinTech company specialized in peer-to-peer financing with the mission
to promote an easy, safe and transparent financial culture. It develops
innovative lending products delivering disruptive customer experiences,
which help people handle their finances in fair way. It seeks to become
a solid investment alternative for lenders and best loan alternative for
creditworthy borrowers. It’s backed by private equity investors and was
incubated by NXTP Labs part of Global Accelerator Network (GAN).
About Elevar Equity
Elevar Equity (www.elevarequity.com)
is an early stage venture fund at the cutting edge of investing in highly
scalable businesses focused on low income communities. Elevar has backed
24 companies to date in Asia and Latin America. Elevar’s portfolio companies
have served over 18 million clients and have mobilized over $7 billion
in equity and debt capital for targeted communities. With offices in India,
Colombia and the US, Elevar has been the founding or first institutional
capital in world class companies focused on financial services, fintech,
education, healthcare and housing.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
For more information please visit: www.afluenta.com/prensa
not perform financial intermediation, because that would imply it does
two different and inseparable business: receive deposits from people and
undertake the risk of giving them back under the conditions agreed as it
undertakes the risk of default of loans using those funds. The connection
of those business and the associated related risks have clear legal implications,
which cannot be set aside from the banking business. On the other hand,
Afluenta neither intermediates nor faces the risks banks do because it
is neither the depository nor the owner of the funds: individuals or companies
are investors (neither depositories nor creditors) who invest stating the
amount, destination and opportunity of the funds and understand the undertaken
risk when they expect to receive profit as a result of the lending activity.