Colombian fintech Plurall raises $1.5 million

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Plurall, a new Colombian FinTech focused on improving financial inclusion for Solopreneurs in LatAm, closed an iconic pre-seed round by raising $1.5 million in equity and $10 million in debt , marking a milestone for entrepreneurship in the region. Backed by leading strategic investors in the UK, US, Mexico, Spain and Colombia, Plurall is preparing to launch its micro-focused services in April 2022.

An undisclosed London-based debt and equity fund with over $3 billion in assets under management and a portfolio of over 90 investments worldwide, will provide a $10 million credit facility, demonstrating the confidence in the market opportunity that Plurall is tackling. “This is perhaps the first time in LatAm FinTech, and one of the first times in the world, that a startup is able to raise international institutional debt for the granting of its first loans. The typical route is to use expensive equity for the first year or two before you can access an institutional credit facility,” says Glenn Goldman, co-founder and CSO of Plurall, who has experience of having generated more than $4 billion in loans. Loans to SMEs in the United States, Brazil and Mexico.

According to Federico Gómez, co-founder and CEO of Plurall, “out of nearly 10 million microenterprises in Colombia, only 1.6 million have some degree of financial inclusion. There is a total lending opportunity of 45 billion USD and a $100 billion payout opportunity in which incumbents only serve 6%.In our first stage, we will provide working capital loans, as well as a digital account, to provide these Solopreneurs with the attention they deserve as the heart and soul of the Colombian economy. As fast followers, we will integrate a credit card and B2B Buy Now, Pay Later functionality to create an ecosystem that truly matches their financial needs.”

The strength of the founding team, formed by Glenn Goldman (ex-Credibly, CAN Capital, and advisor to FinTechs through LatAm), Federico Gómez (ex-PagaTodo & YaGanaste México), Monica Saavedra (ex-Movii), Natalia García ( ex Movii) and Gustavo González (ex Referencia), brings Plurall a unique track record and set of capabilities, having collectively acquired over 2mm account holders in Colombia, expanded across 6 countries in Latin America and loaned over 4 billions of dollars to SMEs and entrepreneurs in the United States and Latin America.

Additionally, Visa has partnered with Plurall to help drive digital and financial inclusion for SMEs nationwide through digital payment solutions.

“We are pleased to announce our partnership with Plurall which fulfills our goal of working more closely with FinTech in Colombia and connecting more people and businesses through innovative, fast and secure digital payment solutions,” says Adriana Cárdenas, Country Manager for Visa Colombia. “We will work to present different advantages, specially developed to meet the different needs of micro-enterprises and help more SMEs to access digital financial solutions”

Plurall is proud to have active advisors in a number of relevant areas, including Joel Sherwin, former Managing Director of Dave, Michael Gomez, former Emerging Markets Portfolio Manager at PIMCO and former advisor to the Ministry of Finance in Colombia, Omar Canales, former chief operating officer at Cacao Paycard and Matias Garrido, CEO of Multiplica.

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