Afluenta, a Latin America peer-to-peer (P2P) lending network, has completed a Series B funding round worth a total of $8.0 million from a total of three separate entities, according to an Afluenta statement.
In particular, the Series B funding round constitutes investments from the International Finance Corporation (IFC), the private sector institution of the World Bank Group, and venture capital firm, Elevar Equity – IFC and Elevar Equity are investing $4 million each.
Afluenta has established itself as an key player in the Latin American FinTech space, particurally across the P2P and banking industry. The group’s aim has been to winnow middlemen, via the use of proprietary technology to help transform the process of applying for a loan, broadening access to financing – Afluenta caters to both individual and institutional lenders. As a result of the influx of cash, Afluenta has stated that it will use the proceeds of the Series B financing to accelerate and continue its network expansion plan across Latin America.
According to Johanna Posada Gil, co-founder of Elevar Equity who co-leads with a $4 million investment: “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.”
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“This $4 million 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 industry,” added Salem Rohana, IFC Country Manager in Argentina, Chile, Paraguay and Uruguay, in an accompanying statement.
This Series B world class investors give us valuable resources to further develop our evolving technology
“This Series B world class 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,” reiterated Alejandro Cosentino, founder and CEO of Afluenta.
Afluenta was launched in Argentina back in 2012 and in Peru in 2015 – the group has unveiled plans to launch new services in Mexico, Colombia and Brazil in the next year in a bid to consolidate its efforts as a pan-regional player of alternative financing.