Kenyan fintech Lendable secures $450k grant from Dutch development bank FMO
Summary
The fund aims to support small businesses, inclusive enterprises, women as well as youth entrepreneurs by financing local financial intermediaries and other institutions that contribute to development. The startup, which also has an office in New York, aims to bridge the gap between institutional debt investors and high growth alternative lenders in Africa. Commenting in the same statement, Goldfarb (pictured above) said by working with FMO, Lendable can scale-up the volume of capital reaching small businesses and consumers in its markets. On top of the grant, the partners will co-operate in responsible lending market capacity building initiatives such as workshops and education programmes in East and West Africa. FMO’s manager for convertible grant programme under MASSIF, Martin Steindl said the ability to harness cutting-edge technology is key to unlocking alternative lending channels in African markets and reducing the financial exclusion of smaller enterprises.