Colombian fintech Avista, which uses digital financial solutions to provide greater access to credit products, has closed a $22.5 million debt facility from Accial Capital, a tech-enabled investor in small business and consumer loan portfolios in emerging markets.
This is not the first debt facility from Accial Capital, over the past two years, Accial has invested more than $32.5 million in debt facilities in Avista, including the issuance of this newly announced debt.
This financial partnership has been very instrumental in the company's growth and has allowed Avista to triple its loan portfolio from $55 million to $160 million in two years according to the company.
Launched in 2019, Avista offers financial services to low-income and aged people mainly from rural areas and intermediate cities. The fintech provides digital credit services to clients whose payments can be discounted directly from pension allowances or payrolls.
With the new facility, the company aims to continue growing its loan focused on the financially neglected retiree population. It expects to contribute to its goal of disbursing more than $100 million this year, reaching a loan portfolio of close to $210 million, fully focused on the silver economy segment.