Credivalores-Crediservicios, a Colombian independent consumer finance company, received a USD $34m investment from Gramercy Funds Management LLC.
The capitalization will fund an upgrade of the Group’s entire technology platform combined with several initiatives, including strengthening the management team, improving the capital structure, reducing funding costs, increasing commercial efforts, and increasing market share.
Grupo Credivalores is comprised of four complementary companies including:
– Credivalores (non-regulated consumer finance company),
– Credifinanciera (regulated consumer finance company),
– Microfinanzas & Desarrollo (microfinance company), and
– Proteccion Garantizada (micro-insurance broker).
The Group offers credit to the low and middle income population in Colombia equal to 7.1m potential customers or 70% of the population through different credit alternatives with a regional presence comprised of 43 offices and 48 service points in 41 cities in Colombia.
Its loan portfolio includes payroll lending, utility-collected credit cards, financing of insurance premiums and micro-lending. As of June 30, 2014, the company had a total loan portfolio of COP 890 billion ($474m) and 323,000 active clients.
FinSMEs
29/09/2014