Kenya-based financier Lendable has secured a Sh45 million convertible grant from Dutch Development Bank (FMO) that will go into funding alternative lenders set up across the region.
Lendable, a fintech platform for unconventional lenders, operates in microfinance and other pay-as-you go services including energy.
“By working with FMO we can scale up the volume of capital reaching SMEs and consumers in our markets as well as 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,” Lendable chief executive Daniel Goldfarb said in a statement.
In September last year, the firm gave Wetu— a Mombasa-based lender that gives loans to boda bodas operators — Sh155 million to grow its business locally.