Plurall secures $20m line of credit from Fasanara
Plurall, the Colombian Fintech focused on delivering financial solutions to entrepreneurs, raised USD$20M in debt capital from Fasanara Capital, a global Fintech fund based in London with more than USD$3.5 billion in assets under management and a global portfolio of more than 100 companies.
The funding will contribute to the financial inclusion of microbusinesses in Colombia, which are underserved by the Financial industry.
“Recent industry statistics shows that less than 10% of the so-called “microbusinesses” have reliable access to formal credit or access to payment terms through an efficient B2B payments solution. When they do, the user experience is terrible – an analog, bureaucratic and paper-based process that can take up to 3 months to be completed. We are solving this problem by delivering a digital solution that provides access to credit, a digital account, and a Visa debit card in minutes.’, says Federico Gómez, Co-founder and CEO of Plurall.
Plurall is the first Fintech funded by Fasanara Capital in South America. This institutional support marks a historic milestone in LatAm’s Fintech ecosystem, especially in the context of today’s challenging funding market. This facility positions Plurall to partner with the largest distribution partners serving entrepreneurs in LatAm, across multiple verticals.
Fasanara is known for developing unconventional investment strategies in response to a transforming market through working capital solutions to Fintech companies serving SMEs around the world.
“We are impressed with Plurall’s strategy for achieving better financial inclusion for Colombian SMEs, and are proud to be assisting them with this objective which is greatly aligned with our ESG agenda” said Francesco Filia, CEO of Fasanara.
After three months of operations, through its initial beta testing phase, Plurall has provided access to credit and digital accounts to over 140 entrepreneurs from different sectors and different territories within the country.
“We are thrilled to be working with Fasanara, who will be joining our cap table and has demonstrated the true meaning of partnership every step of the way. From an execution perspective, we have now received more than 5,000 registrations to our waiting list, with only a modest investment in marketing at this stage. With strong sales funnel metrics, and demographics that split evenly between major cities and smaller towns, we are seeing early, promising signs of strong product demand and a trust-building UX” shared Glenn Goldman, Co-founder and Chief Strategy Officer of Plurall.
The debt facility will be complemented by a Seed equity round that Plurall is currently raising and that will allow the startup to scale, start having the desired impact in the market, and fulfill the existing demand for its product offering.
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