Debt funding – Visio Pale http://visiopale.com/ Tue, 09 Aug 2022 03:04:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://visiopale.com/wp-content/uploads/2021/11/profile-100x100.png Debt funding – Visio Pale http://visiopale.com/ 32 32 How will debt financing be treated under the UAE corporate tax system? https://visiopale.com/how-will-debt-financing-be-treated-under-the-uae-corporate-tax-system/ Mon, 08 Aug 2022 09:25:27 +0000 https://visiopale.com/how-will-debt-financing-be-treated-under-the-uae-corporate-tax-system/ UAE corporate tax is clear on the use of borrowed funds and applicable deductions. Image Credit: Shutterstock Companies raise funds in the form of equity and debt – debt can be raised from formal sources such as financial institutions, related parties, family and friends of promoters and shareholders. Apart from simple loans, debt is also […]]]>

UAE corporate tax is clear on the use of borrowed funds and applicable deductions.
Image Credit: Shutterstock

Companies raise funds in the form of equity and debt – debt can be raised from formal sources such as financial institutions, related parties, family and friends of promoters and shareholders. Apart from simple loans, debt is also raised through instruments such as debentures, bonds and variations to make them convertible into shares.

Debt principal requires interest payments in addition to legal fees, bank charges, commissions, and processing fees. Typically, for accounting purposes, these costs are considered a charge to earnings and are generally expensed. Capitalization of these costs may also be necessary depending on the timing, purpose and use of the funds.

Going forward, borrowing costs, particularly interest, may require a fresh look, including accounting treatment, as deductibility may be affected.

Use of funds

The deductibility of interest costs would depend primarily on the use of the borrowed funds. Generally, no tax deduction would be available if the funds were used for personal purposes or to earn non-taxable income.

The public consultation paper (consultation paper) issued by the federal tax authority, UAE Corporation Tax, proposes to exempt dividends and capital gains on qualifying investments. Currently, it is unclear whether the UAE TB will allow deductions for interest on loans used to earn such exempt income. We await clarification on this aspect.

Thin capitalization rules

It is proposed to impose restrictions on the amount of deductible interest expense. These limits are commonly referred to as “thin capitalization rules”.

According to the consultation document, interest costs will only be deductible up to 30% of the profit before amortization and depreciation of interest (EBITDA). The limitation applies to interest payable on all debt incurred, whether from formal or related parties.

If the disallowed interest cannot be carried forward for set-off in future years, then indebted entities consider a permanent disallowance, i.e. a non-deductible cost. Accordingly, indebted entities engaged in capital-intensive sectors such as real estate, infrastructure and startups with long gestation periods, should pay attention to this provision as it may require a restructuring of the structure of the capital.

The safe harbor/de minimis threshold will be notified as part of the UAE TC – i.e. interest charges up to a certain threshold will not result in any denials. This should help business entities with negative or low EBITDA to claim an interest expense deduction at least up to the specified threshold.

In addition, banks, insurance companies, certain regulated financial activities and companies run by natural persons will be kept out of the thin capitalization standards.

Accounting aspects

Accounting standards generally require that interest expense on borrowings used for the acquisition/construction of fixed assets be capitalized until such assets become available for use. The consultation paper did not propose any change in accounting treatment, which is very welcome.

Similarly, IFRS 16 requires lease payments to be allocated between interest expense and debt repayment. Since there is a restriction on the amount of interest deduction under the UAE TRQ, it may be necessary for companies to reconsider their current rental agreements.

To conclude, while debt financing results in interest as a deductible expense against the dividend, a permanent denial on cost should be expected.

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Growth Intelligence secures £1.5m venture capital debt funding from Shard Credit Partners https://visiopale.com/growth-intelligence-secures-1-5m-venture-capital-debt-funding-from-shard-credit-partners/ Tue, 02 Aug 2022 12:12:47 +0000 https://visiopale.com/growth-intelligence-secures-1-5m-venture-capital-debt-funding-from-shard-credit-partners/ Growth Intelligence secures £1.5m venture capital debt funding from Shard Credit Partners Growth Intelligence has secured £1.5m in funding from Shard Credit Partners through its UK tech-focused venture debt fund. This is the third investment made by Shard Credit Partners’ new fund and the first since its first successful closing announced in June 2022. Growth […]]]>

Growth Intelligence secures £1.5m venture capital debt funding from Shard Credit Partners

Growth Intelligence has secured £1.5m in funding from Shard Credit Partners through its UK tech-focused venture debt fund. This is the third investment made by Shard Credit Partners’ new fund and the first since its first successful closing announced in June 2022.

Growth Intelligence helps B2B marketers, who have struggled to accurately and completely define their audiences, run more effective and creative digital campaigns. With the world’s richest SMB data, Growth Intelligence enables blue chip marketers, global customers like American Express and Vodafone, to run ABM at scale for the first time.

The company has won numerous awards and received support from Innovate UK, the UK’s innovation agency. Growth Intelligence has grown rapidly in recent years and delivered a 100% year-over-year revenue increase for 2021-22. Funds raised will be used to support the expansion of the sales team, product development and expansion into new markets planned for the coming year.

The investment is in line with Shard Credit Partners’ strategy to target borrowers with recurring annual revenues of at least £2.0m, operating in the B2B SaaS and fintech sectors and benefiting from long-term client contracts . Its goal is to provide flexible venture capital to support sales growth, increasing spending on marketing initiatives. Previous investments include PassFort, which generated a total gross IRR of 249.2% in just six months (multiple of 1.8x on invested capital) and Rezatec.

Venture capital debt is becoming increasingly popular with high-growth technology companies around the world in recent years. The asset class is highly developed in the United States, having positively followed the strong growth of the venture capital market over the past two decades. The subprime lending market is in its infancy in the UK and remains a materially underserved area, which has created an opportunity for innovative private credit managers to raise dedicated technology venture capital debt funds. .

Market demand for venture capital debt in the UK is driven by the very strong growth of the technology venture capital industry over the past decade, which now includes around 13,000 post-Series A technology companies. represents a significant market opportunity for specialist UK tech venture debt funds, such as the one launched by Shard Credit Partners Limited.

William Chappel, Head of Venture Debt for Shard Credit Partners Limited, said: “We are very pleased to provide financial support to Growth Intelligence. We have been looking to work with this company for some time now and are delighted to make this investment. Growth Intelligence has an extremely attractive offering, and we look forward to working closely with Tom, James and the entire team as the business continues to grow. This is a great addition to the Shard Credit Partners UK Tech focused venture capital debt fund.

Tom Gatten, CEO of Growth Intelligence, said: “Growth Intelligence’s goal is to solidify its position as the only platform delivering account-based marketing at scale, in the US and UK. . covid, but most marketers struggle to confidently define their KPI and total addressable market, resulting in high digital ad spend, slow growth, and low conversions. We’re here to solve this problem and transform B2B marketing by enabling large and midsize businesses to create, scale, and launch account-based marketing programs at scale. This latest round of funding will help Growth Intelligence invest in our own commercial team and become a global account-based marketing champion and we are delighted to have received this venture capital debt from Shard Credit Partners.

Alastair Brown, Managing Director of Shard Credit Partners, said: “Our investment in Growth Intelligence marks the third investment in our new venture debt strategy. The investment team, led by Will Chappel, has a strong pipeline of opportunities and we expect the pace of rollout to continue through the summer months, supporting positive fundraising momentum going forward. subsequent fund closes through the end of 2022.”

Shard Credit Partners Limited is currently in advanced talks with several UK and international institutional investors regarding participation in the fund’s subsequent close throughout the summer of 2022. The target fund size at final close is £75m , with a hard cap of £100 million. , by June 2023.

Shard Credit Partners Limited places a strong emphasis on ESG in all of its private credit investments and has always been a strong supporter of women entrepreneurs and companies with female leadership, ownership and senior management significant. As many as 80% of the companies it invests in have female board representation and 60% have mixed ownership, a direct result of Shard Credit Partners Limited’s implementation of ESG clauses and ESG margin ratchets in its loan agreements and investment documentation as standard.

Legal advice for Shard Credit Partners was provided by Orrick LLP, led by partner Scott Morrison and supported by Hridi Chowdhury.

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Marathon Digital Holdings Expands Credit Facilities, Increasing Debt Funding Capacity by $100… | Nation/World https://visiopale.com/marathon-digital-holdings-expands-credit-facilities-increasing-debt-funding-capacity-by-100-nation-world/ Mon, 01 Aug 2022 20:06:04 +0000 https://visiopale.com/marathon-digital-holdings-expands-credit-facilities-increasing-debt-funding-capacity-by-100-nation-world/ LAS VEGAS, Aug. 01, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), a leader in supporting and securing the Bitcoin ecosystem, has expanded its credit facilities with Silvergate Bank, the leading provider of innovative financial infrastructure solutions for the digital currency industry, by refinancing its existing $100 million revolving line […]]]>

LAS VEGAS, Aug. 01, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), a leader in supporting and securing the Bitcoin ecosystem, has expanded its credit facilities with Silvergate Bank, the leading provider of innovative financial infrastructure solutions for the digital currency industry, by refinancing its existing $100 million revolving line of credit and adding an additional $100 million term loan dollars on July 28.

The $100 million term loan includes a deferred drawdown feature that allows Marathon to withdraw $50 million upon closing and an additional $50 million up to 270 days after closing. The term loan has a variable interest rate with an initial drawdown currently of 7.25%. The Company also announced the refinancing of the $100 million revolving line of credit which was previously scheduled to expire in October 2022. There are no amounts outstanding under the revolving credit facility at this time. Both facilities are secured by bitcoin and will mature in July 2024.

“We are pleased to close these credit facilities and believe the combination of a term loan and a revolver provides Marathon with exceptional flexibility in our financing options,” said Hugh Gallagher, Marathon’s Chief Financial Officer. “With these facilities in place, we have achieved our goals of adding both capacity and options in financing the future growth of our operations. We thank the Silvergate team for their commitment as we worked together to set up these facilities. »

Notice to Investors

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended 31 December 2021, filed with the SEC on March 10, 2022 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, filed with the SEC on May 5, 2022. Should any of these risks occur , our business, financial condition or results of operations would likely suffer. In this case, the value of our securities could fall and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks not currently known to us or that we currently deem to be immaterial may also adversely affect our business operations. Additionally, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future results. There are factors beyond our control, such as force majeure events and unforeseen economic and other challenges to our hosting partners, which may delay or prevent the achievement of our stated objectives. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate could also significantly affect the future performance of Marathon’s Bitcoin production. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2022. Total network hash rate data is calculated from a third-party source, which is available here: https:/ /www.blockchain.com/charts/hash-evaluate. Data from third-party sources has not been independently verified. See “Forward-Looking Statements” below.

Forward-looking statements

Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by use of words such as “may”, “shall”, “plan”, “should”, “expect”, “anticipate”, “estimate”, “continue” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be accurately predicted by the Company and some of which may not even be anticipated and involve factors that could cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above as well as the additional factors under “Risk Factors” in the company’s annual reports on Form 10. -K, which may be supplemented or modified by the company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become untrue as a result of subsequent events, new information or otherwise.

About Marathon Digital Holdings

Marathon is a digital asset technology company focused on supporting and securing the Bitcoin ecosystem. The company is currently becoming one of the largest and most sustainable bitcoin mining operations in North America, while remaining lightweight.

Marathon Digital Holdings Company Contact:

Phone: 800-804-1690

Email: ir@marathondh.com

Copyright 2022 GlobeNewswire, Inc.

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HPS to provide debt financing for CVC’s French football contract https://visiopale.com/hps-to-provide-debt-financing-for-cvcs-french-football-contract/ Thu, 28 Jul 2022 08:41:36 +0000 https://visiopale.com/hps-to-provide-debt-financing-for-cvcs-french-football-contract/ (Bloomberg) — HPS Investment Partners will lend approximately 500 million euros ($505 million) to help fund CVC Capital Partners’ investment in French professional football. The New York-based fund will be the sole lender under the deal, which is expected to close by the end of this month, according to people familiar with the matter, who […]]]>

(Bloomberg) — HPS Investment Partners will lend approximately 500 million euros ($505 million) to help fund CVC Capital Partners’ investment in French professional football.

The New York-based fund will be the sole lender under the deal, which is expected to close by the end of this month, according to people familiar with the matter, who asked not to be named as they are not not allowed to talk about it.

CVC agreed to take a 13% stake in the commercial subsidiary of the Professional Football League earlier this year for 1.5 billion euros. While professional teams will receive the bulk of the proceeds, part of it will go to amateur leagues and the repayment of a government-guaranteed loan taken out by the LFP in 2020 to cope with the impact of the pandemic.

Representatives for HPS and CVC declined to comment.

Media agreement

Ligue 1, as France’s premier league is known, has struggled through the pandemic and after the collapse of an €800million-a-year broadcast deal in the 2020/21 season. Amazon.com Inc. has since secured a new media deal with Ligue 1, but for a fraction of the original price.

The challenge that awaits CVC and the LFP is to make an attractive product abroad from a league dominated by a single club. Paris Saint Germain have been national champions eight times since 2011, when Qatar Sports Investments took over and started investing heavily with the aim of winning the Champions League, a feat they have yet to achieve.

The share sale will be the second of its kind in European football after a similar deal was struck by CVC with top Spanish football leagues.

CVC has invested €2 billion to own 8% of a company that handles broadcast revenue from LaLiga matches. The private equity firm partially funded the deal with a high-yield bond that was sold at a discount as market conditions deteriorated at launch in May.

©2022 Bloomberg LP

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Singapore turnkey lender raises $10m in new equity and debt https://visiopale.com/singapore-turnkey-lender-raises-10m-in-new-equity-and-debt/ Fri, 15 Jul 2022 15:13:00 +0000 https://visiopale.com/singapore-turnkey-lender-raises-10m-in-new-equity-and-debt/ Lending automation platform and provider of decision management solutions and services Turnkey lender secured $10 million in new funding. The amount raised represents a mix of equity and debt financing. Led by OTB Ventures, the round featured participation from German development finance institution DEG and Vertex Ventures. TurnKey Lender will use the additional capital to […]]]>

Lending automation platform and provider of decision management solutions and services Turnkey lender secured $10 million in new funding. The amount raised represents a mix of equity and debt financing. Led by OTB Ventures, the round featured participation from German development finance institution DEG and Vertex Ventures.

TurnKey Lender will use the additional capital to help expand its operations in North America, Europe and Southeast Asia. This will help the business leverage the growing adoption of embedded finance, especially embedded lending.

“We are thrilled to have increased our latest funding level and continue to partner with excellent investors,” said TurnKey Lender CEO and Co-Founder Dmitry Voronenko. “This will energize the next stage of growth. We believe that integrated loans will soon be part of every customer relationship on a global scale.

In addition to its fundraising news, TurnKey Lender announced that it has named a new chairman for its board of directors, Christian Morales. Morales, who participated in this week’s funding round, brings 40 years of senior-level experience at leading technology companies. As President, he will be involved in supporting a wide range of company initiatives in terms of revenue growth, hiring, as well as strategic and customer relationships.

TurnKey Lender offers credit scoring, decision automation and loan management for non-bank lenders. The company’s cloud-based technology is specifically geared towards small and medium-sized lending operations, allowing them to “compete with big banks without big investment”. TurnKey Lender’s platform supports all stages of the loan lifecycle – from application processing and automated decision-making to collection and reporting. The solution can also be easily integrated into internal and external data sources to provide automated data retrieval and processing. TurnKey Lender’s platform is compatible with a wide variety of lending products, including consumer, microfinance, payday, auto, mortgage, SME, and P2P lending.

Making his Finovate debut at FinovateAsia 2016, TurnKey Lender returned to the Finovate stage a year later for FinovateSpring in San Jose, CA. In the years since, the company has become a leading fintech provider with 180 customers and 50 million end users in more than 50 countries. TurnKey Lender customers have enjoyed profitable revenue growth of up to 50% and net retention rates of 126%. The company was founded in 2014.


Here’s our look at fintech innovation around the world.

Central and South Asia

Latin America and the Caribbean

Asia Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and North Africa


Photo by Elle Hughes

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The Eurobond is not a major source of public debt financing – DMO https://visiopale.com/the-eurobond-is-not-a-major-source-of-public-debt-financing-dmo/ Thu, 14 Jul 2022 13:41:46 +0000 https://visiopale.com/the-eurobond-is-not-a-major-source-of-public-debt-financing-dmo/ The Debt Management Office (DMO) has stated that the Eurobond is not the primary source of debt financing for the Nigerian government. The DMO made the revelation while trying to clarify a statement issued by a member of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) saying that excessive investment in the […]]]>

The Debt Management Office (DMO) has stated that the Eurobond is not the primary source of debt financing for the Nigerian government.

The DMO made the revelation while trying to clarify a statement issued by a member of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) saying that excessive investment in the debt market for Eurobonds could drive the country to a debt crisis in the near future.

Fearing the negative impact that such a statement could have on the mindset of investors, both domestic and foreign, in particular by affecting the chances of achieving economic equilibrium, in particular with our Eurobond close to the shoddy status, the agency wanted to clarify the sources of financing for the country’s debt. , the purposes of all these loans and our revenue challenges.

“The statement issued by a member of the MPC may have been made without due regard to the government’s borrowing needs as reflected in the annual budgets, the medium-term expenditure framework, as well as the debt management strategy. debt,” the DMO statement said.

Read also: Low incomes push the government to borrow, according to the DMO

The DMO said that contrary to popular opinion widely circulated on social media and some mainstream media, the federal government has always been focused on finding cheaper sources of funding, both domestically and externally.

As a result, the DMO wanted to make it clear that the main source of the country’s external debt came from lower interest rate issuing agencies.

“Successive debt management strategies have often indicated that the preferred source of external borrowing by the Federal Government of Nigeria (FGN) is concessional sources rather than commercial sources such as Eurobonds,” the DMO statement said. released Wednesday evening.

“Although loans from concessional sources such as the International Development Association (a branch of the World Bank) are relatively cheaper, as noted above, they are limited in amount. Moreover, they are not available for financing infrastructure and other investment projects. Thus, Nigeria accesses available concessional and semi-concessional loans, while issuing Eurobonds to partly finance annual budgets and the infrastructure projects within them. ”

One of its revamped objectives under the current DMO Board’s 2020-2023 Debt Management Strategy under the able leadership of its Managing Director, Patience Oniha, is to “maximize funds available for Nigeria from multilateral and bilateral sources to access cheaper and long-term funds, while taking into account the limited funding envelopes available to Nigeria due to Nigeria’s classification as a middle-income country in the lower slice.

Regarding the benefits of the Eurobond, the DMO said that the Eurobond “has helped to increase the level of external reserves and opened up opportunities for the private sector to issue Eurobonds since January 2011, when the first sovereign Eurobond was issued by the DMO on behalf of the FGN Many Nigerian banks, including United Bank for Africa, Access, Zenith and Fidelity, issued Eurobonds to raise capital.”

On the issue of Eurobonds that could lead to over-indebtedness, the DMO reiterates the need to generate more income well beyond their current levels.

The agency referred to World Bank data which compared a number of advanced and developing countries that have higher public debt-to-GDP ratios than Nigeria, with those that possess a much lower income-to-GDP ratio. .

The country is advised not only to block leaks in the tax system, but to diversify away from oil. “The World Bank’s Economic Outlook for 2020 showed that in 2020, Nigeria’s revenue-to-GDP ratio was 6.3%, ranking it 194th out of 196 countries.”

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Lendingkart Funding: Lendingkart Raises Rs 75 Crore Debt Funding From GMO LLC, Triodos Investment https://visiopale.com/lendingkart-funding-lendingkart-raises-rs-75-crore-debt-funding-from-gmo-llc-triodos-investment/ Sat, 02 Jul 2022 09:53:00 +0000 https://visiopale.com/lendingkart-funding-lendingkart-raises-rs-75-crore-debt-funding-from-gmo-llc-triodos-investment/ Fintech company Lendingkart announced on Saturday that it had raised debt financing of Rs 75 crore from GMO LLC and Triodos Investment. The company will use the funds to create loans to MSMEs (micro, small and medium enterprises) in all states with credit decisions in a real environment using the internal “xlr8” creation engine and […]]]>
Fintech company Lendingkart announced on Saturday that it had raised debt financing of Rs 75 crore from GMO LLC and Triodos Investment. The company will use the funds to create loans to MSMEs (micro, small and medium enterprises) in all states with credit decisions in a real environment using the internal “xlr8” creation engine and “zero touch” functionalities, according to a press release.

“Lendingkart…has raised total debt financing of Rs 75 crores, Rs 25 crores of debt from GMO LLC, a leading payments company and Rs 50 crores from Triodos Investment Management through NCD,” the statement said.

Elaborating on the announcement, Harshvardhan Lunia, CEO and Founder of Lendingkart, said, “The newly injected funds will allow us to disburse working capital loans to underserved MSME clients through our platform.”

Moreover, it will help the company to increase its reach and serve more PINs across the country.

“We are constantly striving to

MSMEs and small businesses and we will continue to fill the financial gaps for small businesses,” Lunia added.

Triodos Investment Management is a globally active impact investor. It invests to generate social and environmental impact alongside a healthy financial return.

Discover the stories that interest you



GMO provides various payment and financial solutions and platforms.

“GMO also promotes global expansion, such as the development of overseas payment-related services and strategic investment and financing for cutting-edge Fintech companies overseas,” the statement added.

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Ghanaian fintech Fido secures $30m equity investment and undisclosed debt funding https://visiopale.com/ghanaian-fintech-fido-secures-30m-equity-investment-and-undisclosed-debt-funding/ Tue, 21 Jun 2022 08:56:43 +0000 https://visiopale.com/ghanaian-fintech-fido-secures-30m-equity-investment-and-undisclosed-debt-funding/ Since 2015, Ghana-based fintech Fido has extended credit to thousands of users via mobile phones, and the company is now looking for new ways to expand across Africa. Fido has announced that it will add savings and payment options to its portfolio later this year, as well as in Uganda, its second largest market, as […]]]>

Since 2015, Ghana-based fintech Fido has extended credit to thousands of users via mobile phones, and the company is now looking for new ways to expand across Africa.

Fido has announced that it will add savings and payment options to its portfolio later this year, as well as in Uganda, its second largest market, as it aims to expand across the continent.

The fintech also plans to establish a second research and development center in Ghana’s capital, Accra, to complement its Israeli office and allow it to automate much of its processes to ensure long-term viability.

The startup’s intentions follow a $30 million equity investment and funding through an unknown loan the startup received in a Series A funding round led by the private equity firm. Israel-based Fortissimo Capital, with participation from venture capital firm Yard Ventures led by Harvard alumni. . This brings the total amount of equity raised to $38 million.

Fido, created by Nadav Topolski, Tomer Edry and Nir Zepkowitz, offers consumers and small businesses mobile loans of up to $250. Loans can be repaid in one or more installments over a six-month period.

Users can easily create a Fido account, according to Eitan, as digital registration only takes about 10 minutes.

Customers must upload headshots and copies of their ID cards to register, which are then evaluated by Fido’s image recognition algorithm and cross-checked against existing databases. This multi-step authentication, according to Eitan, prevents scams.

He went on to say that the fintech uses credit scoring technology to determine what it can offer borrowers.

According to Eitan, the fintech has provided more than $1.5 million in loans to 350,000 Ghanaian customers. This sum is expected to increase as it expands into other African markets, starting with Uganda.

Fido is backed by a team of 65 people, including digital debt collectors who Eitan says follow up on late payments in an ethical manner.

Techbuild’s review

The financial sector has been transformed by fintech. The financial industry has spawned new innovative concepts aimed at improving user experience and helping financial institutions to be more productive and provide better service since fintech startups started to emerge.

Fintech and innovation can help increase financial inclusion. More and more platforms are entering the market and offering services to underbanked and unbanked people.

Fintech companies such as Fido have made it possible to obtain loans without using paper, from the application procedure to the disbursement of the loan amount.

Fintechs have transformed everything, including the verification procedure, into digital format. Users can not only obtain funding digitally, but can also upload their documents and any other essential information. Verification of user documents will be done digitally, which will save users time and effort.

The verification procedure will be completed in a few minutes thanks to smooth and intelligent procedures. Fido emphasizes legitimate authentication to prevent fraud, and the company is expanding its platform to include additional services for a better customer experience.


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EQTEC PLC Secures Debt Financing for Greece’s First Waste-to-Energy Project https://visiopale.com/eqtec-plc-secures-debt-financing-for-greeces-first-waste-to-energy-project/ Tue, 21 Jun 2022 06:34:00 +0000 https://visiopale.com/eqtec-plc-secures-debt-financing-for-greeces-first-waste-to-energy-project/ EQTEC PLC (AIM:EQT) has secured debt financing to cover most of the construction cost of a 1 MWe (megawatt electric) waste-to-energy project in Greece, with much of the remaining financing expected to come from a debt subsidized by the government. Optima Bank and the company have signed terms and conditions for a credit facility to […]]]>

EQTEC PLC (AIM:EQT) has secured debt financing to cover most of the construction cost of a 1 MWe (megawatt electric) waste-to-energy project in Greece, with much of the remaining financing expected to come from a debt subsidized by the government.

Optima Bank and the company have signed terms and conditions for a credit facility to enable construction at the Livadia site, 100 km northwest of Athens, where waste-to-energy gasification will be installed to convert waste mixed farms of local farms in electricity.

The credit facility would provide senior debt of up to 75% of the total capital value required for the project, EQTEC said, with the balance held in equity by its joint venture EQTEC Synergy Projects.

Before signing the loan, independent engineers from the TÜV will have to certify the project, which should be completed by the end of September.

EQTEC said its JV partners are in talks with energy transition infrastructure funds to sell part of the capital of the Livadia project and other nascent projects in the portfolio.

The joint venture is also confident that all projects currently in its pipeline for Greece will be eligible for funding under the Greek Recovery and Resilience Facility (RRF), “making low-cost subsidized debt available to projects”.

Optima Bank has reportedly expressed interest in financing other projects developed by the JV if support from the RRF can be attained.

Grant Thornton Greece has been engaged to analyze eligibility and possibly prepare and support the RRF application process.

“As economies and societies struggle in the aftermath of the Covid pandemic, we are encouraged by this kind of support for innovation that will move communities away from fossil fuels by providing local baseload energy from local waste. “, said David Palumbo, chief executive of EQTEC.

“We see this business model gaining traction in many of our target markets and we look forward to accelerating its implementation across Greece and beyond.”

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MFS Africa Secures Additional $100 Million in Equity and Debt Funding https://visiopale.com/mfs-africa-secures-additional-100-million-in-equity-and-debt-funding/ Tue, 14 Jun 2022 07:00:00 +0000 https://visiopale.com/mfs-africa-secures-additional-100-million-in-equity-and-debt-funding/ MFS Africa, Africa’s largest digital payments network, has secured an additional $100 million in equity and debt financing. The round was led by Admaius Capital Partners, bringing the total amount raised in the series to $200 million. New investors, Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors, AfricInvest FIVE and CommerzVentures, […]]]>

MFS Africa, Africa’s largest digital payments network, has secured an additional $100 million in equity and debt financing.

The round was led by Admaius Capital Partners, bringing the total amount raised in the series to $200 million.

New investors, Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors, AfricInvest FIVE and CommerzVentures, who reinvested in the extension. Other previous investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme BV and Vlemeij BV

The new funding will further accelerate MFS Africa’s expansion plans across Africa, its integration into the global digital payments ecosystem, its expansion into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and its ambitious growth plans for BAXI’s network of merchants and agents in Nigeria and beyond.

Debt financing providers included Stanbic IBTC Bank and Symbiotic. Stanbic IBTC Bank will partner with MFS Africa to support the growth of the recently acquired BAXI merchant and agent network in Nigeria.

Since the first closing of its Series C fundraising in November 2021, MFS Africa has completed its acquisition of BAXI in Nigeria.

BAXI has since received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses.

He also continued to strengthen his leadership team with the addition of Meghan Taylor – previously a partner at Boston Consulting Group – as chief of staff, responsible for integrating business across the group; and most recently, Julian Adkins – previously Africa CFO at Millicom (Tigo) – who was appointed Group CFO. Last week, MFS Africa announced its acquisition of Global Technology Partners (GTP) which will accelerate its offer of card-based connectivity to mobile money users.

Dare Okoudjou, Founder and CEO of MFS Africa, commented: “With this US$100 million extension to our Series C fundraising round, we are delighted to have the backing of world-class investors Admaius, Vitruvian and AXA IM Alts, and continued support from existing investors, on our journey. to make borders less important when it comes to payments.

The strength of our business model is based on building a sustainable digital infrastructure that liberates and simplifies economic activities across the continent through interoperability between all. Our multiple initiatives and solutions provide access to Africans, at home and in the diaspora. We are building MFS Africa into a secure, robust, scalable and high-impact pan-African payments infrastructure that will facilitate the rapid growth of trade in Africa today and in the future.

Marlon Chigwende, Managing Partner of Adamius Capital Partners, said:What attracted us to this transaction was the quality of the team that Dare has assembled; This is exceptional. As an Africa-focused private equity firm investing in high-impact sectors that drive social and economic transformation, our investment in MFS Africa is exactly what our existing investors are looking for, market leaders well-managed and fast-growing companies that are boosting financial connectivity and inclusion across the African continent.

Joe O’Mara, partner at Vitruvian Partners, said:At Vitruvian Partners, our mission is to support the most ambitious and talented entrepreneurs and high-growth companies in achieving their goals. We are delighted to make our first investment on the continent with MFS Africa, and believe Dare and his team have laid the foundation for a transformational business with strong long-term growth prospects.

Jonathan Dean, Head of Impact Investing at AXA IM Alts, said: “We are excited to invest in MFS Africa’s mission to accelerate digital financial inclusion, as it directly contributes to our broader impact goals of improving financial connectivity and reducing inequality globally. . Our investment will support the expansion of MFS Africa’s product offering and the creation of economic and societal value.

FT Partners acted as exclusive financial and strategic advisor to MFS Africa in connection with the Series C fundraising. This transaction underscores FT Partners’ deep domain expertise and unrivaled track record in payments across global markets. emerging countries, including Africa.

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