Duet and EMEA Capital back emerging markets lender Moneybaba
The investment will be used to launch Moneybaba’s service in Africa
Duet Private Equity and EMEA Capital have invested an undisclosed sum in fintech business Moneybaba.
UK based Moneybaba is an online lender focusing on providing access to credit across emerging countries and is set to use the capital to expand its global operations.
Marcelo Barreneche, founder & CEO of Moneybaba revealed that the investment will be used for “strengthening the balance sheet, launching in new countries, especially in Africa”.
The company operates exclusively online, therefore has lower operational expenses than traditional banks, which rely on branches and manpower, it said in an announcement. Its proprietary technology can process alternative data and conduct a behavioural analysis that facilitates lending to borrowers with little or no credit history.
Barreneche said that he is “excited about joining forces with top private equity investors who have strong emerging markets expertise” adding that “their investment and know-how will act as a catalyst towards achieving our expansion goals globally”.
Moneybaba already operates in South American countries under the TuTasa brand.
The funding is part of Duet’s wider institutional investment round, the details of which are yet to be disclosed. Source: PA News