LAVCA VC
  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA
  • Member Login
  • Member Access

LAVCA VC

  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA

Avista Raises US$75m Credit Line To Support Under-Banked Colombians

14 April 2020
Avista raises US$75m credit line

Colombian credit placement platform Avista raised a US$75m credit line led by undisclosed financial institutions. Avista was founded in 2019 and previously raised US$2m in seed funding. Avista provides credit lines to under-banked Colombians and has a current loan portfolio of US$30m, focused on pensioners and government employees. The company also launched a credit line of up to COP$120bn to support the elderly during the COVID-19 crisis.

(Press Release) Banks have traditionally focused on clients who have an identified credit risk and are on their labor cusp in order to target high expense products. However, with a growing aging population, the opportunity arises for tailor made credit products focused on the Silver Economy (people over 60). With estimates that this population will take, by 2050, a third of the overall spending distribution in most countries.1 Avista has seen a unique opportunity to provide credit products to this unattended population helping them improve their quality of life.

As a big step closer to achieving this, Avista has secured a financing round for US$75M led by four different undisclosed financial institutions in Colombia. This will allow the company to position itself as one of the leading payroll lending Fintech in Colombia through a disruptive technological platform designed for payroll deduction loans. The credits will be allocated among retirees from intermediate, rural and low-income cities in Colombia, who remain underserved by traditional institutions

In keeping up the fast-growing pace, Avista signed an acqui-hire deal with IdeasLab, one of the most prominent tech laboratories in Colombia, focused on designing and creating user-centered experiences through agile methodologies. They have in their portfolio a proven track-record of extraordinary deliveries of digital, user- friendly, credit underwriting platforms. This will help Avista strengthen its already top-tier tech team in order to speed up its automatization and risk processes and improve product development to continue expanding its users base.

About Avista:

Founded in 2019, Avista is a fintech company focused on reinventing people’s financial lives by creating an ecosystem of simple and transparent solutions with the purpose of generating financial inclusion. Avista is a leader in the development of disruptive credit placement channels for the lower segments of the population through innovation in data analysis and a third-generation origination process.

Avista Raises US$75m Credit Line To Support Under-Banked Colombians was last modified: April 27th, 2020 by cramos
AvistaColombiaCOVID-19Creditcredit lineDebtelderlyFinancial InclusionFintechIdeasLabseniorunderbankedVenture Capital
1
Facebook Twitter Google +

Categories

  • Deals
  • Exits
  • Regulatory
  • M&A
  • New Funds & Firms
  • Partnerships

Sign up for LAVCA’s bi-weekly Latin American Private Capital Update and the LatAm Venture Bulletin, produced specifically for venture investors, entrepreneurs, and technology startups in the early stage ecosystem.

Tweets

Missing consumer key - please check your settings in admin > Settings > Twitter Feed Auth

Keep in touch

Twitter Linkedin Youtube

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

LAVCA Office

    New York City:
    589 8th Ave, 18th Floor
    New York, NY 10018

Explore LAVCA.org

  • About LAVCA
  • Board, Team, & Advisors
  • Media
  • Contact Us
  • Membership Benefits
  • Members Only Access
  • Education and Programs
  • Research
  • Policy
  • LAVCA VC
  • Contact Us

@2020 - LAVCA. All Rights Reserved.


Back To Top