Colombian fintech Finmaq raised $29M in a pre-Series A round combining debt and equity. The equity portion was led by Alive Ventures with participation from 30N Ventures and others, while debt financing came from Accial Capital and local entities like Iris Bank. The funding follows FinMaq’s $23.5M investment round in June 2023.
Finmaq provides financing for SMEs and independent workers looking to purchase productive assets like tractors, medical equipment, and construction machinery, using its proprietary credit risk analysis to serve borrowers with no traditional credit history.
Finmaq will use the funds to expand its portfolio, strengthen its distributor network, and streamline its processes to reduce loan approval times.
“With just five pieces of client data, we can provide pre-approval in five minutes and finalize the process in under eight days. We want to reduce this timeframe to just two days,” said Diego Sanz de Santamaría, co-founder and CEO of Finmaq.
Founded in 2014, Finmaq has disbursed over $30M in loans, has an active loan book of $17M, and serves over 550 clients.
Read more on Forbes Colombia.