- Nobuntu is a fintech firm that launched in 2017 to build out the range of affordable financial and insurance products available to low-income consumers.
The Series E equity round was led by private equity firm Stakeboat Capital with backing from prior investors LeapFrog Investments, Dvara Trust and Accion.
The transition took three years and required BRAC to divest majority control. DEG, the German development finance institution, Chicago-based Equator Capital Partners and Amsterdam-based Triple Jump each took 17% stakes. Enclude Capital Advisory, now owned by Palladium, ran the auction and structured the deal, a first for BRAC.
- The deal is the latest in a series of funding rounds for Latin American alternative finance companies.
- Emerging market fintech investor Quona Capital led the Series B funding round.
- Ascension Ventures led the firm's funding round via its Fair by Design social impact fund, whose mandate is to invest in companies remedying the “poverty premium” that poor people often pay to access basic goods and services.
- Mumbai-based education finance company Eduvanz's mission is to make skills and workforce training more accessible to India’s youth.