Fiinlab, an innovation lab owned by Mexican financial inclusion group Gentera, has made a Series A investment in Aflore, a Polymath Ventures portfolio company and financial services startup based in Colombia.
(Press Release) Aflore, the first direct sales company for delivering financial products for the underbanked, has closed its Series A round of funding with Fiinlab (www.fiinlab.com), the innovation lab of Gentera, a Mexican financial inclusion group. Fiinlab invested recognising the potential for Aflore’s business model to contribute to their objective of developing new business models to help eradicate financial exclusion.
Aflore has created an innovative distribution channel for financial services, a network of Informal Advisors who are financial role models in their communities and offer Aflore loans, supported by proprietary technology. With a current network of more than 4,000 Informal Advisors in Colombia, Aflore is poised to scale significantly. “Gentera’s capital injection will help us grow our operational capabilities with the view to scaling Aflore’s loan portfolio to US$10MM during the next 12 months. Aflore’s expansion will help to reduce the lack of access to credit of Latin America’s low- and middle-classes, transforming the way financial services are provided to this underbanked demographic”, said Ana Barrera, CEO and Cofounder of Aflore.
Fiinlab will not only contribute with funds to Aflore but will also provide access to the
expertise and experience of some of its key executives, further demonstrating the trust that
Fiinlab has in the business model of this Colombian Start-up.