(Bloomberg) — Lendable Inc, a financier of fintech companies, plans to raise $100 million by the first half of 2022 for off-grid energy projects by small- and medium-sized businesses in Africa and Asia.
The Nairobi-based company with offices in London and Singapore has received $49 million in commitments for the MSME Fintech Credit Fund from financiers, including Dutch lender FMO, Calvert Impact Capital Inc, and FSD Africa. It expects another $20 million by the end of March, the company said in an emailed statement.
Lendable’s fourth fund will provide credit to African and Asian fintech companies, which will in turn give credit to small businesses that have had limited access to credit, the company said.
“Through our fintech investments, we are providing essential working capital for MSMEs that enables off-grid customers to buy energy products and opens the door to innovative digital banking services to consumers,” Lendable co-founder Daniel Goldfarb said.
Lendable’s investors have earned an annualized net return of 14.32% since it was set up in 2016, according to the statement. The closing of the current fund will raise Lendable’s committed capital to over $200 million.
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