Konfio Warehouse Line (IDBI-13057-01)

Countries
  • Mexico
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 1, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
An SPV to be incorporated in Mexico for the purpose of this transaction.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 53.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1300
Converted using 2020-04-01 exchange rate.
Project Cost (USD)
$ 53.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Apr 1, 2020

Disclosed by Bank Mar 31, 2020


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Project Description

According to the bank, Konfio is an online platform that revolutionizes corporate credit processes in Mexico, making it easier for Micro, Small, and Medium Enterprises ("MPYMES") to access formal financing through technology, data science, and efficient digital transactions. The objective of the transaction is to support Konfio to: (i) expand its lending activities in Mexico; and (ii) consolidate its presence as a recurrent issuer of asset backed securities in the capital markets. For this purpose, IDB Invest will provide a local currency denominated warehousing line (the "WHL") to a special purpose vehicle incorporate in Mexico (the "Borrower" or "SPV") for up to MXN1,140 million (the "IDB Invest Financing" or the "Financing"). The Financing will be composed of two tranches: (i) a committed tranche for up to MXN570 million (the "Tranche 1"); and (ii) an uncommitted tranche for up to MXN570 million (the "Tranche 2"). The Borrower will only use the proceeds of the WHL to purchase and accumulate MSME loans, originated by Konfio, in according to eligibility criteria acceptable to IDB Invest, for their future securitization in the capital markets.

Investment Description
  • IDB Invest (IDBI)
Private Actors
Contact Information

Gregorio Tomassi
Director of Corporate Strategy & Investor Relations
+52 (55) 4161 3564
gregorio.tomassi@Konfio.mx

ACCOUNTABILITY MECHANISM OF IADB

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).