Plurall, a Latin American fintech start-up aiming to provide financial services for entrepreneurs, has raised $20 million in debt financing from Fasanara Capital.
Plurall raises $20m debt facility from Fasanara
The fintech start-up is the first in South America to receive funding from UK-based Fasanara.
The funding will bolster the financial inclusion of micro-businesses in Colombia, which are currently underserved by the financial industry, Plurall says.
Founded in 2021 and based in Bogota, Plurall began its initial beta testing phase three months ago and claims to have provided access to credit and digital accounts to more than 140 entrepreneurs from various sectors across Colombia.
“Recent industry statistics show that less than 10% of so-called ‘microbusinesses’ have reliable access to formal credit or access to payment terms through an efficient B2B payments solution,” says Federico Gómez, co-founder and CEO of Plurall.
“When they do, the user experience is terrible – an analogue, bureaucratic and paper-based process that can take up to three months to be completed.
“We are solving this problem by delivering a digital solution that provides access to credit, a digital account, and a Visa debit card in minutes,” Gómez adds.
Plurall adds that it plans to use the debt facility to partner with Latin America’s largest distribution partners across verticals that serve entrepreneurs.
Glenn Goldman, Plural’s co-founder and chief strategy officer, claims the start-up has amassed more than 5,000 registrations on its waitlist.
The debt funding will be complemented by a seed equity round that Plurall is currently raising.
