Columbian FinTech Plurall has raised $20m in a round of debt financing from UK-based Fasanara Capital.
Plurall claims it delivering ‘mission-critical’ financial services to the solopreneurs & SMEs that have been left out of the FinTech revolution.
According to FinTech Futures, Plurall began its initial beta testing phase three months ago and claims to have provided access to credit and digital accounts to over 140 entrepreneurs from various sectors across Columbia.
Plurall said the funding will bolster the financial inclusion of micro-businesses in Columbia, which are currently underserved by the financial industry.
It also plans to use the debt facility to partner with LatAm’s largest distribution partners across verticals that serve entreprenuers.
The debt funding will be complemented by a seed equity round that Plurall claimed ot is currently raising.
Plurall CEO and co-founder Federico Gómez said, “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.
“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.â€
Glenn Goldman – Plurall’s co-founder and chief strategy officer – claims the firm has amassed over 5,000 registrations on its waitlist.
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