Creditu Peru S.A.C.
Status: Investment in contracting phaseWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our prospective customer?
Creditú is a regional fintech based in Chile that provides mortgage financing to middle-class families, and financing to small and medium-sized companies. Creditú currently has operations in Chile, Peru and Brazil and has supported more than 3,500 families and 850 SME to date across the region for more than USD 500mln. Since 2017, Creditú combines financial innovation with technology to democratize access to financing and reinventing the customer experience through a digital, fast and inclusive service. Creditú is part of AVLA Group which through its 3 business units – specialty insurance, fintech lending and insurtech business – has the mission to contribute to the economic and social development of the LAC region. As of YE 2022, AVLA had consolidated total assets of USD 235 million, total equity of USD 57mln and net profit of USD 7mln.
What is our funding objective?
FMO will provide a USD 26mln senior unsecured loan to Creditú Peru (“the Borrower”) for a tenor of 9 years, comprised of a USD 15mln committed facility and USD 11mln uncommitted. Loan proceeds will be used to finance a portfolio of loans including residential mortgages, SME loans and green loans originated by the Borrower, with min 30% of funding allocated to women and youth and min 20% allocated in energy efficiency investments in households and SMEs. This transaction contributes to SDG 5,8,10 and 13.
Why do we want to fund this investment?
FMO’s funding will ultimately improve funding access for Peruvian SMEs, increase social welfare by providing housing mortgages to middle- and low-income households, address the gender gap in access to credit and support green finance through energy efficiency investments in households and SMEs.
What is the Environmental and Social categorization rationale?
E&S category B, based on the current and future loan portfolio composition being mortgage loans to individuals/households and SME loans with an expected limited exposure to high-risk sectors. Important mitigators are the average loan size and the nature of the end clients as well as AVLA and Creditú’s functioning ESMS.
- Website customer/investment
- https://creditu.com/pe/
- Region
- Latin America & The Caribbean
- Country
- Peru
- Sector
- Financial Institutions
- Publication date
- 7/24/2023
- Deadline for feedback
- 8/23/2023
- Total FMO financing
- USD 15.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B