The Colombian online loan company, RapiCredit, specializing in providing microloans to individuals without access to banking services, has secured a USD$7 million debt investment from the U.S. fund Almavest. This firm acquired part of the debt accumulated by the fintech.

Originating from Medellín, RapiCredit has provided credit opportunities to more than 550 thousand unbanked Colombians, with 36% of them becoming eligible to enter the traditional financial system after obtaining a loan from the company.

“Receiving this capital investment from Almavest demonstrates support for our mission to continue strengthening financial inclusion in the country, providing the population without access to bank credit with financing alternatives to improve their present and boost their future,” emphasizes Daniel Materón, CEO of RapiCredit.

In 2022, the company closed with a total of 747 thousand granted loans and aims to finish 2023 with 1.1 million.

Additionally, RapiCredit has a profitability of 18%, equivalent to a financial margin of COP$4.5 million.

CEO Materón notes that they closed 2022 with USD$15 million and anticipate closing the current year with approximately USD$25.6 million.

In the first part of 2023, RapiCredit has received a total investment of USD$10 million to support its operations, with the remaining USD$3 million contributed by Iris Bank and Banco de Occidente.

Rapicredit seeks inclusion

The Colombian fintech was legally established under the name COMPAÑÍA DE CRÉDITOS RÁPIDOS SAS and has been operating since 2014.

Its main objective is to develop products and services that promote financial inclusion, as well as access to credit, for individuals, as well as micro, small, and medium-sized enterprises (MSMEs).

“We develop, manage, and operate electronic platforms and offer products and services supported by information and communication technology (ICT), which help bridge the gap between those with access to credit and those who do not,” asserts Rapicredit on its official site.