Avista raises $75M to support Colombia’s unbanked population

LatAm List – Avista, a Colombian credit placement platform, raised $75M from four undisclosed financial institutions in Colombia. Avista is disrupting the traditional credit payments system with a new initiative to provide credit to the elderly during the COVID-19 pandemic. 

The Silver Economy (people over 60 years) is a growing population, estimated to be worth a third of all spending distribution in most countries by 2050.  Avista will use the most recent funding to provide credit lines to retirees across Colombia via its online platform.

The new credit line, worth up to $30M (COP$120B) will be allocated among retirees from intermediate, rural, and low-income cities in Colombia, who remain underserved by traditional banks.

Avista also signed an acqui-hire deal with IdeasLab, a prominent tech and startup studio in Colombia, to help the startup strengthen its digital platform, reduce credit risks, and speed up the automatization process.

Read more on LAVCA.

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