Funds to boost lending in developing markets with focus on women-owned businesses
BETHESDA, MD, March 09, 2023 /24-7PressRelease/ — Accial Capital, an impact-focused, tech-enabled investor in small business and consumer loan portfolios in emerging markets with an emphasis on empowering women, and Calvert Impact announced today the closing of a $35 million financing round. The round included new investments from Calvert Impact, U.S. International Development Finance Corporation (DFC) and Symbiotics Investments, bringing commitments across Accial vehicles to over $200 million.
The new financing round will support micro, small, and medium enterprises (MSMEs) by providing senior debt to a diversified set of tech-enabled alternative lenders operating on the ground in Latin America and Southeast Asia. The success of these local lenders and the MSMEs they finance will improve the financial wellness of low- and middle-income people in these markets.
Calvert Impact’s investment is an expansion of its support for Accial. Its new $10 million commitment comes after a previous $5 million commitment, for a total of $15 million.
“Calvert Impact is strongly aligned with Accial in its mission of financial inclusion and wellness,” said Stella Li Kirkpatrick, Calvert Impact senior investment officer. “It’s been gratifying to track the positive effect on development in local markets from our prior investments in Accial’s fintech solutions. The deepening of the Calvert-Accial relationship is based on those successful results to date and the performance of Accial-managed vehicles.”
Accial’s goal is to combine data, technology, capital, and credit expertise to contribute to a world of widespread credit access and financial health. At year end, more than 700,000 loans with a total value of over $1 billion had been disbursed to individuals and micro-, small-, and mid-sized enterprises in emerging markets through Accial’s credit facilities.
Almost half went to women.
“We are excited to build on the multi-year relationship with Calvert Impact and welcome both DFC and Symbiotics Investments to our fund,” said Jared Miller, CEO of Accial Capital. “The fresh capital will help us expand our investments with responsible fintech lenders, increase access to credit in emerging markets, and deepen our focus of supporting women borrowers that account for close to half of the dollar value of our portfolio.”
In addition to debt capital for emergent fintech lenders, Accial provides robust technical assistance by helping its borrowers reconcile and digest their loan performance data through Accial’s propriety risk-management platform, ORCA. Accial also participates in the credit committees of many borrowers to further help lenders develop their credit policies.
DFC and Symbiotics Investments will complete the financing round. “DFC’s investment in Accial will support leading fintechs that lend to small businesses in the Western Hemisphere and Southeast Asia, with a focus on increasing lending to women entrepreneurs,” said Agnes Dasewicz, DFC chief operating officer. “DFC is committed to advancing financial inclusion in emerging markets through our 2X Women’s Initiative and our support for innovative, impact-driven businesses like Accial.”
More information about Accial can be found here.
About Accial Capital
Accial Capital (“Accial”) is an impact-focused, tech-enabled investor in small business and consumer loan portfolios in Latin America and South East Asia. Accial Capital combines data, technology, capital and credit expertise to contribute to a world of widespread credit access and financial health. To learn more, visit us at www.accialcapital.com.
About Calvert Impact
Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 25-year history, Calvert Impact has mobilized over $4 billion to build and grow local community and green finance organizations through its flagship Community Investment Note™ and structuring services. Calvert Impact uses its unique position to bring the capital markets and communities closer together. More at calvertimpact.org.
Calvert Impact Capital, Inc., a 501(c)(3) nonprofit subsidiary of Calvert Impact, Inc., offers the Community Investment Note, which is subject to certain risks, is not a mutual fund, is not FDIC or SIPC insured, and should not be confused with any Calvert Research and Management-sponsored investment product. Any decision to invest in these securities through this site should only be made after reading the prospectus or by calling 800.248.0337.
About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,100 investments representing more than USD 8.5 billion for 561 companies in 94 countries. symbioticsgroup.com
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