ImpactAlpha, January 27 — GrowSari, launched in 2016, helps more than 100,000 Filipino owners of brick-and-mortar retail convenience stores, or “sari-sari” stores, make inventory purchases and manage payments online by providing working capital loans.
Micro, small- and medium-sized enterprises, or MSMEs, “are crucial contributors to the country’s economy and a pillar of the business communities,” said KKR’s Ashish Shastry.
The private equity giant made the investment via an Asian-focused fund that also has invested in the digital transformation of MSMEs in Vietnam, Japan and Australia.
In Vietnam, where MSMEs employ half of the adult working population, HDBank provides fintech services for low-income rural consumers and merchants.
LeapFrog Investments said it is backing HDBank to give borrowers an alternative to “black credit,” informal loans from money lenders that can push people back into poverty.