Emerging markets fintech financier Lendable is targeting to raise a $100 million fund to invest in African and Asian fintech companies, the firm said in an emailed statement today.
In March, the firm said it planned to raise funds between $120 million to $180 million to give new loans to fintechs so they could then provide credit, asset finance, payments and remittances to individual customers and businesses in emerging markets.
It is unclear if the fund announced today continues that discussion as there's no reference in this recent statement. But what is clear is Lendable stating that this is its fourth fund.
Dubbed the MSME Fintech Credit Fund, Lendable says it will provide credit to African and Asian fintech companies so they can offer credit facilities and financial services for more than 150,000 small businesses.
So far, the fintech lender has closed $49 million from impact investors such as DFC, EMIIF (DFAT), Calvert Impact Capital, Ceniarth, BIO, FMO and FSD Africa. It expects to close another $20 million this fourth quarter before a final hard close in 2022.
The first close takes Lendable's overall committed capital to more than $200 million, although it has managed a pipeline of over $400 million since launching in 2016, per the firm's statement. The lender has also disbursed $180 million in that timeline.
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