Colombian fintech R5 secured an undisclosed amount from UK fund Lendable in a debt deal to increase credit offerings related to the purchase of used vehicles.
With the money raised, R5 will increment a credit modality in which customers can obtain loans from R5 to buy used cars and pay them back in 48 months.
“This capital will allow us to continue our mission of positively impacting more and more Colombians, helping them to enhance their quality of life,” said Pablo Armida, Co-Founder and COO of R5.
R5 offers car insurance and loans to customers in Colombia, with a focus on the underserved population.
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