Fintech Zinobe raises highest financing round yet, US$30 million

Contxto – Fintech Zinobe recently closed a financing round for US$10 million and that may go up to US$30 million through Monachil Capital Partners. Most of these funds (70 percent) will be dished out as loans through the fintech’s loaning platform, Lineru. The startup shall use the remainder for a series of credit lines for Colombians affected by Covid-19.

“We are committed to develop modern financial services for everyone, and we are deploying all our technological and data analysis capabilities to provide more than four million independent workers affected by the lockdown with our online credit solutions,” stated Tarek El Sherif, Zinobe’s CEO.

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The fintech has procured over 1.3 million loans to 300,000 borrowers throughout its eight-year run. As far as plans for the future go, it hopes to make its first international expansion into Mexico.

Zinobe and financial inclusion

The fintech uses data analytics to offer loans to businesses and users. Its core product is Lineru, a platform that uses machine learning to procure credit lines that best fit each user.

It wants to promote financial inclusion and it’s been building partnerships to do so.

For example, to tackle Colombia’s unbanked population, it buddied up with the Banco de Bogotá. Through this alliance, if a user lacks a bank account, once their loan through Lineru is approved, they are channeled to Banco de Bogotá’s website to complete the process of opening an account. 

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The procedure is completely online and then the loan is then deposited into that account.

Zinobe’s collaboration with Grupo Sura is also leading it into the realm of insurance-related products.

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-ML