The funds obtained will be used to expand the loan offerings for the acquisition of used vehicles, enabling people to obtain a car through a loan.
Lendable is a provider of financing for various fintech companies in emerging and frontier markets, aiming to facilitate access to financial services for populations historically excluded from or without access to traditional banking.
“We are excited to collaborate with a globally recognized fund like Lendable; this capital will allow us to continue our mission of positively impacting more and more Colombians, helping them improve their quality of life,” said Pablo Armida, co-founder of R5.
Based in the United Kingdom, Lendable has provided more than USD$350 million in credits to fintech companies in over 14 countries.
Additionally, the fund strongly believes that technological solutions can contribute to a more inclusive and sustainable world, partnering with fintech companies in Africa, Latin America, and Asia that are making a difference in people’s lives.
“At Lendable, we firmly believe that the fusion of technology and finance can unleash a world filled with greater opportunities and economic equity.
“For this reason, we invest in fintechs like R5, which not only seek commercial profitability but also pursue tangible improvements in people’s lives,” highlighted Iñaki García, Head of Latin America Investments at Lendable.
In 2022, Lendable made the decision to intensify its efforts in sustainability and is in the process of launching a new sustainable finance product with the purpose of making a significant impact on climate change mitigation and adaptation.
Since its establishment in 2018 to date, R5 has benefited more than 1.5 million Colombians, providing them with opportunities to access credit and fulfill their aspirations.
“R5 is a perfect reflection of this ideal, and we are proud to have them in our portfolio. By providing financing to traditionally underserved customers and streamlining the acquisition of insurance, we are convinced that we are making a valuable investment for the consumer,” explained García.
This investment round comes after an announcement in 2022 when the company received funding led by Global Founders Capital, Magma Partners, Carao Ventures, Accion Venture Lab, and Endeavor Catalyst, with the goal of expanding its team and increasing credit issuance up to five times compared to 2021.