Bayport Colombia, a provider of loans and other financial services, closed on a $9 million deal with US asset management firm MicroVest Capital Management to grow its business in the Andean nation.
Specifically, Bayport Colombia, which has operated since 2011 as a subsidiary of Mauritius-based Bayport Management Ltd., announced that it will use the funding to “provide greater financing opportunities to Colombians, focusing on improving their quality of life in terms of access to better health, education, housing, and micro-enterprises.”
Colombia represents a significant part of Bayport Management’s portfolio. The company primarily operates in Africa, with its Mexican subsidiary being the only other branch outside of its home continent.
“Through this investment we will continue to promote greater opportunities for entrepreneurship and the building of a new credit history for those who have a low credit score or who have been reported in credit bureaus, in accordance with our highest standards in corporate governance, policies and procedures in the origination of loans, as well as best practices in the selection of payables and collections, and in customer protection,” said Lilian Perea, CEO of Bayport Colombia, in a statement.
Source: Finance Colombia
