Afluenta, headquarted in Buenos Aires, announced today the completion of its Series B funding round from the International Finance Corporation (IFC), the private sector institution of the World Bank Group, and Elevar Equity, a venture capital firm. IFC and Elevar Equity are investing 4 million US$ each.
Afluenta seeks to disrupt the traditional financial services industry, cutting out middlemen and using proprietary technology to transform the process of applying for a loan, thus facilitating access to financing. Afluenta says it offers borrowers a simple, affordable and less bureaucratic experience, while delivering better yield for individual and institutional lenders.
A pioneer in the region, Afluenta plans to use the proceeds of the Series B financing for accelerating its network expansion plan across Latin America. Launched in Argentina in 2012 and in Peru in 2015, Afluenta plans to launch new services in Mexico, Colombia and Brazil in the next 12 months to consolidate as the first pan-regional player of this new and disruptive alternative financing.
‘Afluenta is uniquely positioned to lead the emerging class of innovative FinTech companies in Latin America. Already a leader in Argentina, Afluenta will expand marketplace lending to multiple countries in the region and disrupt traditional models for loans and investments, making these services more accessible and affordable to millions of people’ said Johanna Posada Gil, Co-Founder at Elevar Equity who co-leads with 4 million US$dollars investment, which represents its first investment into a peer-to-peer lending company in Latin America.
‘Afluenta has built a world class technology and solid track record in the challenging Latin American economies to demonstrate that the peer-to-peer business model works and effectively delivers value to both borrowers and lenders.” said Salem Rohana, IFC Country Manager in Argentina, Chile, Paraguay and Uruguay. ‘This 4 million US$ investment in Afluenta reflects IFC’s interest in supporting innovative business models in the region to improve access to finance for companies and individuals’. It represents IFC’s first global investment in a peer-to-peer lending marketplace.
‘We are grateful to Elevar Equity and IFC for their support and commitment to Afluenta’s growth and success,’ said Alejandro Cosentino, Founder and CEO of Afluenta. ‘[These] Series B … investors give us valuable resources to further develop our evolving technology, develop new products, offer much better service to our customer base and expand our reach to a whole new segments of potential customers.’
I interviewed Alejandro Cosentino three month ago for P2P-Banking.com.