Dutch Development Bank FMO has extended a convertible grant to Kenya based FinTech platform ‘Lendable’ that will be used to fund loans from latter’s alternative lender clients across Africa to small and micro enterprises and low-income consumer borrowers.
Lendable was founded in 2014 and currently provides structured finance facilities to seven fast-growing alternative lenders across African markets, including off-grid energy companies, small and medium-sized enterprise (SME) lenders and asset finance companies.
The USD 450,000 convertible grant is being provided by the Dutch government’s MASSIF fund, managed by FMO. It aims to reach targeted end-beneficiaries through financing local financial intermediaries and institutions that can contribute to their development.
Lendable’s technology platform allows for direct data integration with alternative lenders, including loan portfolio data analysis and cash flow predictions.
“By working with FMO we can scale-up the volume of capital reaching SMEs and consumers in our markets as well as to support our partners in implementing the Responsible Finance Guidelines. As we scale, finding parties like FMO that are willing to invest alongside Lendable to de-risk commercial investment is key to our success.” Daniel Goldfarb, CEO Lendable
