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RG-Q0070 : NovoPayment: Unlocking Digital Financial Inclusion in Latin America and the Caribbean

Project Status: Implementation

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

Project Number
RG-Q0070
Approval date
July 01, 2022
Project Country
Regional
Project Sector
PRIVATE FIRMS AND SME DEVELOPMENT
Project Subsector
SMALL AND MEDIUM ENTERPRISE
Project Type
Equity
Project Lending Type
NSG
Project Modality
Project Facility Type
Environmental and social impact category
C
Project Status
Implementation
Operation Number
EQU/MS-19322-RG

Financial Information

Project Number
RG-Q0070
Project Status
Implementation

IDB Financing

Financing type
EQU
Fund
MIF-Small Enterprise Investment Fund
Reporting currency
USD - United States Dollar
Reporting date
Sep/28/2022

Roles & Responsibilities

Contract signature date
Aug/04/2022

Project Information

Total Cost
USD 20,670,000
Country counterpart financing
USD 19,170,000
Amount
USD 1,500,000

Approved

Title
Type
Project Number
Date Published
Donors Memorandum
RG-Q0070
August 04, 2022
Donors Memorandum
RG-Q0070
August 04, 2022