FMO Issues $344k Convertible Loan to Umati Capital Kenya, Fintech Funding Agricultural Value Chain Actors

24 July, 2017

Original Source: Microcapital

The Netherlands Development Finance Company, a government-backed institution also known by its Dutch acronym FMO, recently announced it will finance Umati Capital Kenya, a financial technology (fintech) firm, with a convertible facility in local currency equivalent to USD 344,000. Umati is a non-bank financial institution that provides funding via the internet for medium-sized companies in agricultural value chains. Financial details on the firm, which was founded in 2012, are not available.

FMO is disbursing the loan from the Massif fund, which is funded by the Dutch government and “focuses on small businesses and micro-entrepreneurs, women and youth entrepreneurs, as well as supporting innovations in inclusive business.” FMO reports Massif has a net portfolio of EUR 430 million as of 2016.

The vision of FMO is to help abolish extreme poverty, increase equality and support measures that reduce climate change. It has total assets of EUR 8.5 billion (USD 9.5 billion) and profit before taxes of EUR 219 million (USD 245 million) for the year 2016.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

FMO press release:
https://www.fmo.nl/news-detail/24aabb05-cccf-4f2e-8f9d-9f6ca1ce3ce3/fmo-partners-with-umati-capital-kenya-to-support-smes-in-the-food-and-agri-value-chain

Umati Capital:
https://umaticapital.com

Massif:
https://www.fmo.nl/partner-with-us/massif

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