ImpactAlpha, February 26 — Monterrey-based Fuentebuena works with more than 150 municipalities in Mexico to provide payroll loans to unbanked and underbanked city workers. Through a separate product line, the lender offers lease-to-own financing for ride-sharing vehicles that run on natural gas, as opposed to crude oil-derived gasoline and diesel.
Blue like an Orange provided $18 million in debt financing to support the expansion of Fuentebuena’s worker loan and vehicle leasing books. The company has deployed over 2.75 billion Mexican pesos (around $160 million) to more than 130,000 borrowers.
Fuentebuena promotes “positive social impact in Mexico by increasing access to finance and promoting self-employment opportunities for underserved populations,” said Rashad Kaldany of Blue like an Orange.
Mexico footprint
Fuentebuena is Blue like an Orange’s eighth deal in Mexico since it launched in 2017 to unlock mezzanine debt for businesses advancing the United Nations’ Sustainable Development Goals in Latin America.
The firm’s Mexico portfolio includes Financiera Contigo, which provides loans and insurance to female micro-entrepreneurs from rural and marginalized communities. Clinicas de Azucar, based in Monterrey, operates a large network of diabetes clinics for low-income patients.
