Zinobe, a leading online financial services company in the Colombian market, announced the closing of its USD $10 million secured line of credit, expandable up to USD $30 million, provided by Monachil Capital Partners, a global investment management firm founded by former Goldman Sachs partner Ali Meli.
Zinobe, Colombia’s fastest-growing fintech company, utilizes technology and advanced analytics to provide financial products for underserved markets. Lineru, the company’s consumer loan product, was among the first fully online credit products in the region when it was introduced in 2012. The company was selected by the Colombian government as the first fintech partner to provide loans to Colombian citizens affected by the COVID-19 lockdown.
“We are committed to develop modern financial services for everyone, and we are deploying all our technological and data analysis capabilities to provide more than four million independent workers affected by the lockdown with our online credit solutions,” said Tarek El Sherif, CEO of Zinobe. “As our company launched an effort to assist these citizens affected by the current crisis, Monachil was very receptive and flexible to Zinobe’s need to deploy capital now and provide Colombians with much-needed liquidity.”
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“We are honored to be a capital partner to Zinobe and support their new origination activity. It is particularly meaningful to us to invest in Colombia, as the country — like many others — is dealing with a difficult economic situation and access to credit can have a crucial positive impact on Zinobe’s customers,” said Ali Meli, founder and general partner of Monachil Capital Partners. “We look forward to expanding our partnership with Zinobe as the company continues to execute on its business model and broaden its base in Colombia.”
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