Kenyan fintech Lendable secures $450k grant from Dutch development bank FMO
Nairobi-based fintech Lendable has secured a $450 000 convertible grant from Dutch development bank FMO.
In a statement today (23 August) FMO said the grant will provide a “first loss” backstop that is expected to unlock an additional $4.5-million from commercial investors.
The convertible grant is being provided by the Dutch government through its MASSIF fund — which FMO manages. The fund aims to support small businesses, inclusive enterprises, women as well as youth entrepreneurs by financing local financial intermediaries and other institutions that contribute to development.
Photo courtesy of Neil Palmer.