The below announcement text was provided to AS Mintos Marketplace (Mintos) by ExpressCredit – a cooperation partner of Mintos that offers investment opportunities on mintos.com.
ExpressCredit group (“ExpressCredit”), a lending company operating in Sub-Saharan Africa, has secured $9 million (€7,74 million) in new funding for specialty finance operations in Botswana. This allows the company to diversify its financial resources and partially refinance its existing credit facilities funded by Mintos investors.
The credit facility has been provided by a US-based alternative asset manager providing asset-based lending solutions for borrowers seeking $5 to $35 million in financing. The funding commitment was facilitated by Finacity Corporation, a leader in the structuring and provision of asset-backed working capital funding solutions, and Africa Growth Capital, a financial consultant working in Sub-Saharan Africa.
“Botswana is set for strong economic growth, and we anticipate the demand for consumer loans will increase with this new funding facility. The new loan funding program is well-timed to diversify funding opportunities and support ExpressCredit and its ambitious growth plans in Botswana. It will enhance our liquidity and further strengthen our market position as one of the leading specialty finance providers.”
ExpressCredit group will continue to provide attractive investment opportunities to retail investors by listing personal loans of ExpressCredit Botswana on the Mintos platform.
About ExpressCredit Group
Founded in 2016, ExpressCredit group is a Latvia-based consumer lending company operating across several Sub-Saharan Africa markets, including Namibia, Zambia, Botswana, and Lesotho. With more than 60 branches, ExpressCredit operates a multi-channel lending platform for government and private sector employees underserved by mainstream financiers. It offers online alternative lending solutions in countries driven by offline lending options while maintaining compliance with KYC and other regulatory requirements. The group also has agreements with private companies, unions, and government institutions (deduction codes) to enable its entities to debit repayments from borrowers’ salaries directly.
Some of the equity investors of ExpressCredit group and Mintos overlap.
