Colombian online lending platform Sempli has received $3.6 million USD in an initial investment round, the startup announced this month. The company says that it plans to invest the resources into further expansion in Colombia and on improving its platform.
The funding is coming from several sources, including FOMIN of the Inter-American Development Bank (IDB), Velum Ventures, XTP1, Grupo Generaciones, and Dutch Good Growth Fund (DGGF). Part of the round has also come from “private investors from Colombia and Europe,” Sempli said in a statement.
Photo: The Sempli team is only expected to grow after this $3.6 million USD round from sources including the IDB and Velum Ventures. (Credit: Sempli)
Sempli’s lending model targets businesses looking for working capital, and the company says it can provide loans of between $10,000 USD and $100,000 USD within 72 hours. The firm sees a large need for loans in this range from small and medium-sized enterprises (SME) both in Colombia and across Latin America, many of which have never received financing from a traditional bank.
By leaning on technology to process loan applications — which has a lower cost point and the efficiency benefits of automated computing power — the company says it is more willing to accept less collateral or a short credit history from applicants than traditional banks.
“We expect to become a dominant player in the fintech online lending category for SMEs and add a second round of investment…to support this segment with more than $50 million USD.” – Esteban Velasco, co-founder of Sempli
”Only four out of 10 companies manage to obtain a loan with business banking, and in most cases this process may take six to 10 weeks to receive the resources,,” said Felipe Llano, the company’s co-founder.
Esteban Velasco, also a co-founder of Sempli and co-founder of Velum Ventures, says that the company expects to secure additional funding through as second investment round within the next two years.
“We expect to become a dominant player in the fintech online lending category for SMEs and add a second round of investment and funding in the next two years that will allow us, in the medium term, to support this segment with more than $50 million USD.”