The objective of the project is to help incumbent financial intermediaries (such as banks, microfinance institutions, cooperatives) as well as non-conventional ones (i.e. e-commerce, gig-economy companies, etc.) to deliver improved digital financial services to their clients. To this end, the project will finance NovoPayment, an innovative fintech startup with a Banking as a Service modell. NovoPayment's BaaS platform allows financial service providers to digitize their products in a very short time, helping to improve user experience and productivity in transaction processing. It also allows the end customers remote access to payments and financial products offered by regulated and non-regulated financial service providers, to cover rural areas and small towns, reducing the need for them to approach a physical branch.

Project Detail

Country

Regional

Project Number

RG-Q0070

Approval Date

July 1, 2022

Project Status

Implementation

Project Type

Equity

Sector

PRIVATE FIRMS AND SME DEVELOPMENT

Subsector

SMALL AND MEDIUM ENTERPRISE

Lending Instrument

Multilateral Investment Fund Instrument

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental Classification

Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 20,670,000.00

Country Counterpart Financing

USD 19,170,000.00

Original Amount Approved

USD 1,500,000.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
EQU/MS-19322-RG Non-Sovereign Guaranteed USD - United States Dollar MIF-Small Enterprise Investment Fund Equity Financing
Operation Number EQU/MS-19322-RG
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: MIF-Small Enterprise Investment Fund
  • Financial Instrument: Equity Financing

Can’t find a document? Request information

 Implementation Phase
https://www.iadb.org/document.cfm?id=EZSHARE-204340536-1
Donors Memorandum
RG-Q0070 RG-Q0100 RESUMEN DEL PROYECTO.pdf
Aug. 04, 2022
English
https://www.iadb.org/document.cfm?id=EZSHARE-204340536-2
Donors Memorandum
RG-Q0070 RG-Q0100 PROJECT SUMMARY.pdf
Aug. 04, 2022
English

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