Bayport Colombia Expands Credit Facility with Citibank to $55 Million

Bayport Colombia, a key player in the non-bank payroll lending sector, has expanded its structured credit facility with Citibank Colombia to $55 million. This move is expected to enhance the company’s financial structure and bolster its capacity to meet market demands.

The collaboration between Bayport and Citibank began in 2022, and the increased credit facility marks a significant milestone in their relationship. Bayport plans to use the additional funding to continue its growth in the non-bank lending market, where it currently manages a portfolio exceeding 1.3 trillion pesos and serves over 170,000 clients.

Lilian Perea, CEO of Bayport Colombia, emphasized that the expanded credit facility with Citibank reflects the company’s sustained growth and solid financial management. “This renewed trust will allow us to advance our mission of promoting financial inclusion, particularly in communities underserved by traditional banks,” said Perea.

David Castillo, Head of Financial Institutions at Citi Colombia, highlighted Citi’s ongoing support for Bayport’s growth strategy, particularly in reaching underserved populations. “We are excited to continue supporting Bayport as it expands its services to more Colombians,” Castillo noted.

Bayport Colombia focuses on providing accessible credit solutions to pensioners, public sector employees, military personnel, and police, particularly those with limited or no credit history. Through its payroll loans, the company aims to enhance financial inclusion in communities traditionally excluded from mainstream banking. Additionally, Bayport offers financial education resources, including free courses and digital content, to help Colombians make informed financial decisions.

This credit facility expansion aligns with Bayport’s strategy to deepen its impact in the country’s financial sector while continuing to address the needs of underserved communities.