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Gramercy Funds Management completes investment in Grupo Credivalores

Gramercy Funds Management, a USD4.2 billion emerging markets investment manager, has made a USD34 million investment in Columbian consumer finance company Credivalores-Crediservicios.

Grupo Credivalores is comprised of four complementary companies: Credivalores (non-regulated consumer finance company), Credifinanciera (regulated consumer finance company), Microfinanzas & Desarrollo (microfinance company), and Proteccion Garantizada (micro-insurance broker).
 
The group offers credit to the low and middle income population in Colombia equal to 7.1 million potential customers or 70 per cent of the population through different credit alternatives with a regional footprint comprised of 43 offices and 48 service points in 41 cities in Colombia.
 
Credivalores' loan portfolio includes payroll lending, utility-collected credit cards, financing of insurance premiums and micro-lending.
 
As of 30 June, the company had a total loan portfolio of COP890 billion (USD474 million) and 323,000 active clients.
 
"We are pleased to partner with a world class entrepreneur like David Seinjet, founder and president of Grupo Credivalores," says Robert Koenigsberger, Gramercy's managing partner and chief investment officer. "Gramercy has a long history of investing in Latin American corporates through several economic cycles. Our capitalisation will fund an upgrade of the group's entire technology platform combined with several initiatives, including strengthening the management team, improving the capital structure, reducing funding costs, increasing commercial efforts, and increasing market share."

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