Production 2025

ASA International N.V. - $15 million Debt

ASA International ("ASAI") is a leading microfinance institution dedicated to providing financial services to underrepresented populations in Africa and Asia. ASAI provides microfinance services to low-income entrepreneurs, primarily women, through 13 subsidiaries in Pakistan, India, Sri Lanka, the Philippines, Myanmar, Tanzania, Kenya, Uganda, Rwanda, Zambia, Ghana, Nigeria, and Sierra Leone. MASSIF provides ASAI with a $15 million senior facility aimed at supporting on-lending to female micro-entrepreneurs in Africa and Asia, and also support the Bank in its digital efforts aimed at allowing easier access to financial services by end clients. The transaction is labeled 75% RI.

Dvara Kshetriya Gramin Financial Services Private Limited - $5 million Debt (in local currency equivalent)

Dvara KGFS Ltd (''Dvara'') is a non-deposit-taking NBFC (non-bank financial institution) that has been operating in India since 2013. It targets underserved microentrepreneurs mainly through Joint Liability Group (JLG) lending and unsecured MSME lending. Dvara is an existing client in MASSIF's portfolio. Dvara’s business model impact comes from their focus on the underserved entrepreneurs in mainly rural areas, with a high portion of the portfolio being in the agricultural sector in rural locations relative to the more semi-urban focus of other NBFC/MFI players. Further, their strategy extends beyond providing credit, focusing on the financial health and resilience of the household by giving microinsurance and a planned savings and wealth management product to be launched soon. The transaction is labeled 100% RI.

Kashf Foundation - $15 million Debt

Kashf Foundation is one of the oldest and largest Microfinance Institutions in Pakistan, providing cost-effective microloans and insurance to low-income women entrepreneurs who need credit to develop their businesses. To enhance its offerings and impact, Kashf also offers capacity-building training to its customers and social advocacy interventions at the community level. Kashf will use the loan proceeds to scale its operations, enabling it to reach more low-income, small entrepreneurs. This promotes sustainable and inclusive growth by fostering economic independence, livelihood resilience, and job creation in underserved communities. The transaction is labeled 100% RI.

Lendable MSME Fintech Credit Fund II SCSp SICAV-RAIF- $10 million Debt Fund

Lendable MSME Fintech Credit Fund 2 (“LMFCF2” or “the Fund”) is a new debt fund managed by DynoLabs Asset Management Ltd, a wholly-owned subsidiary of Lendable Inc. which has been a long-standing partner of FMO. Lendable is an impact-focused asset manager that provides funding to fintech lenders in emerging markets. LMFCF2 is the successor to Lendable’s first MSME fintech fund and will continue providing credit to fintechs operating across Africa and Asia while also adding Latin America. MASSIF invested $10 million in Class B shares (first-loss tranche) of the Fund. This investment plays a critical anchoring and catalytic role, enabling the Fund to mobilize investments from development finance institutions (DFIs) and commercial investors into more senior tranches. The investment supports a fund structure that blends public and commercial capital to expand access to credit for fintechs targeting underserved MSMEs. The transaction is labeled 100% RI.

The Small Enterprise Foundation NPC - $4 million Debt (in local currency equivalent)

The Small Enterprise Foundation (SEF) is a South African not-for-profit, pro-poor microfinance institution that began operations in 1992. SEF's objective is to enable the poor to increase their income through microcredit and by assisting them in the accumulation of savings. SEF focuses specifically on female enterprises, such as hawkers of fruits and vegetables and new or used clothing, small convenience shops, and dressmakers to mention a few. SEF has gained considerable international recognition for its poverty-targeting methodology and its success in reaching and ensuring positive impact on the very poor. The funds will be used for on-lending to female micro entrepreneurs living below the poverty line. The transaction is labeled 100% RI.

IMF BAOBAB RDC SA - $5 million Debt

IMF Baobab RDC S.A. ("Baobab") is a microfinance institution providing micro-loans and SME loans up to $200 thousand to businesses in urban areas with individual liability. Baobab is operating in the DRC with ten branches (five in Kinshasa, two in Lubumbashi, one each in Kikwit, Bukavu and Kolwezi). Baobab is part of the Paris-based Baobab Group (“Group”), active in MSME lending in several African countries. Baobab Group's mission is to “broaden access to funding among those underserved by traditional banks”. MASSIF is providing a $10 million Senior term loan facility, comprising a committed tranche of $5 million and an uncommitted tranche of $5 million, to support on-lending to underserved micro and small enterprises in the Democratic Republic of Congo. The transaction is labeled 100% RI.

Lula Lend (Pty) Ltd - $10 million Debt (in local currency equivalent)

Lula Lend (Pty) Ltd (“Lula”), a new customer to FMO, is a fintech company at scale that commenced operations in 2015. The company is based in Cape Town and is active in South Africa as an uncollateralized lender to the underserved MSME market. FMO funds a three-year ZAR-equivalent line of up to $20 million, split into a ZAR equivalent of $10 million committed tranche funded by MASSIF and a ZAR equivalent of $10 million uncommitted tranche from FMO-A. This facility supports Lula’s continued growth by enhancing access of underserved MSMEs to short-term funding and working capital. The transaction is labeled 100% RI.

Global Partnerships Impact-First Growth Fund, LLC - $8 million Debt Fund

Global Partnerships Impact First Growth Fund (IFGF) was launched as a strategic response to the COVID-19 pandemic, providing debt financing to microfinance institutions and social enterprises that deliver essential products and services to people living in poverty across low-income, fragile, and conflict-affected countries across Sub-Saharan Africa and Latin America and the Caribbean. The Fund is managed by GP Fund Management LLC, an impact-first fund manager with whom FMO has a longstanding relationship. MASSIF provides a $8 million senior, unsecured loan to IFGF with a tenor of 6 years. The loan will be directed to MSME serving women living in poverty, as well as to agricultural and rural activities in countries eligible under the MASSIF mandate. The transaction is labeled 100% RI.

Banco Popular S.A. – $1.5 million Equity Top-up

Banco Popular is a regulated microfinance institution that focuses on alleviating poverty in Honduras; it offers a broad range of products to the micro, SME and consumer segments. The bank serves more than 100,000 clients, out of which more than half are women. This follow-on investment is intended to support the institution’s balance sheet and ongoing activities.

Ecofy Finance Private Limited – INR 325 million Equity Top-up

Ecofy is a non-banking financial institution set up in India in 2022 with a mission to accelerate the country’s green transition. The company provides financing solutions for environmentally sustainable sectors, including retail electric vehicles (EVs), rooftop solar, and SME initiatives focused on improving energy efficiency. With a nationwide presence, Ecofy serves both retail customers and SME. Ecofy is promoted by Eversource Capital, a leading climate impact investor and partner of FMO. The additional capital infusion from MASSIF is expected to further drive the company’s growth by enabling a higher volume of loan disbursals, expanding its product portfolio, and strengthening its footprint across India

Nile Fresh Pty Ltd - €0.2 million Ventures Program 2

Nile is a South African B2B e-commerce platform linking commercial farmers to buyers of fresh produce and input suppliers. The Company delivers a convenient, secure, and transparent trading experience in a largely analogous market with significant inefficiencies and wastage. The online marketplace is supported by services on logistics, payments, and insights to enable seamless transactions. The investment will enable the Company’s growth, further developing the online marketplace for fresh produce and inputs, scaling its operations and exploring additional services. Nile aims to substantially improve the fresh produce value chain, leading to reduced wastage and, ultimately, a more efficient food system.

TNB Aura Fund 3 VCC - €0.9 million Ventures progam 2

Founded in 2017, TNB Aura is a Singapore-based Venture Capital (VC) firm with a presence in Indonesia, Vietnam, and the Philippines. TNB Aura Fund 3 VCC is the third VC fund managed by the firm. The Fund invests into Seed to Series B stage technology and tech-enabled startups in Southeast Asia across diverse sectors and verticals. FMO invests in the TNB Aura fund to support entrepreneurship across Southeast Asia and help scale innovative business models that contribute to the sustainable growth of local economies.