The Colombian fintech Plurall received $20M in debt capital from Fasanara Capital, a London-based global fintech fund.
Plurall delivers financial solutions to entrepreneurs, including microcredits, digital accounts and debit cards. The company seeks to promote the inclusion of microenterprises in Colombia, which are underserved by the financing industry. According to Federico Gómez, co-founder and CEO of Plurall:
“Recent industry studies show that less than 10% of microenterprises have access to formal credit, or the ability to agree on payment terms with their suppliers. For those who do have access to microcredit, the experience is unfortunate: an analogous, bureaucratic and paper-based process that can take up to three months to complete.”
The fintech has already facilitated access to microcredits to 140 entrepreneurs in the three months it has been active in the local market. This operation will enable the company to achieve the scale required to partner with the most important distribution channels for microentrepreneurs.
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