Latamlist – Zinobe, a Colombian fintech, announced a new credit line service expandable up to $30M provided by Monachil Capital Partners.
Zinobe provides online financial services to small businesses in Colombia that traditional banking services often overlook. The startup uses a data-centric credit model to target the underserved markets and promote financial inclusion.
The new credit line service comes as a response to the economic crisis faced during the COVID-19 pandemic which has left many Colombians in financial difficulty.
“We are committed to developing modern financial services for everyone, and we are deploying all our technological and data analysis capabilities to provide more than four million independent workers affected by the lockdown without online credit solutions,” said Tarek El Sherif, CEO of Zinobe.
Ali Meli, a former partner at Goldman Sachs & Co, founded the firm that is providing financing for the credit line service.
“It is particularly meaningful to us to invest in Colombia, as the country – like many others – is dealing with a difficult economic situation and access to credit can have a crucial positive impact on Zinobe’s customers,” said Ali Meli.
Zinobe ranked highest among the Colombian companies featured in the Financial Times’ 500 Fastest-Growing Companies in the Americas list.
Read more on PR Newswire.
