Colombian FinTech Lender Sempli Raises $3.6 Million USD in Initial Investment Round

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.”