ExcelCredit raises $50M from Nomura

Colombian fintech ExcelCredit raised $50M in funding from Japanese bank Nomura.

“With the funds and the launch of our first social ordinary bond issuance on the Colombia Stock Exchange (BVC) for $100B on May 29, we reinforce our commitment to supporting our ‘Silver’ population — low-income seniors from strata 1 and 2 — while continuing our strategy to promote financial inclusion,” said Jonathan Mishaan, ExcelCredit’s CEO and cofounder.

ExcelCredit provides loans to pensioners, public employees, and public school teachers through payroll deduction financing. Payroll deduction represents 37% of Colombia’s total consumer credit portfolio, outpacing markets like Brazil and Mexico.

Founded in 2013, ExcelCredit serves 65,000 clients and offers interest rates ranging from 1.60% to 1.91% monthly interest rate. 

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