Accial Capital Fund 1 LLC (FMO-63573)

Regions
  • East Asia and Pacific
  • Latin America and Caribbean
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Latin America and Southeast Asia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 13, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Accial Capital Fund 1 LLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 29, 2025

Disclosed by Bank Apr 26, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, FMO provides a USD 20mln (USD 10mln committed and USD 10mln uncommitted) 4-year senior unsecured loan to ACF1. FMO's loan proceeds are directed to supporting women and youth-owned/led micro, small, and medium-sized enterprises ("MSMEs") as well as Green loans in FMO-eligible sectors and countries from Latin America and Southeast Asia.

FMO's funding will allow ACF1 to scale further its impact in the fast-growing alternative finance / digital lending sector, on-lending borrowers who are currently underserved by traditional lenders. The debt fund reaches clients that FMO cannot target directly because they are too small or require specialized knowledge. The Fund measures its performance against the SDGs and is aligned with the 2X Challenge. It specifically targets women entrepreneurs, and a significant percentage of their borrowers are young entrepreneurs due to the innovative profile of the loan originators. This group would otherwise struggle with accessing finance in the traditional financial system.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

ACF1 has been classified with environmental and social ("E&S") Category B. While the ACF1 portfolio does not include high-risk activities nor bank financing with high-risk activities, there is significant exposure to SMEs, and two of the lenders in their portfolio could be E&S risk categorized as B (average loan size exceeding USD 25,000 and a tenor of over 1 year). Top exposures include 30% commerce (retail), and 32% is classified as unreported, which likely contains a high percentage of diversified commerce given the business focus of the fintech lenders.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A USD 20mln (USD 10mln committed and USD 10mln uncommitted) 4-year senior unsecured loan.

The target fund size is USD 150mln.

 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Accial Capital Fund 1 LLC is a debt fund focused on providing growth capital to technology-enabled lenders active in Latin America and Southeast Asia. The fund is closed-end with an investment period covering November 2018 – December 2026 and a maturity date in December 2027. The target fund size is USD 150mln, and total assets amount to USD 76mln by 31 December 2023. The Fund is managed by Accial Capital Management, an impact-focused investor in asset-backed fintech lending portfolios in emerging markets. Per 2023 year-end, ACF1 financed the disbursement of 1.4mln loans with a volume of USD 650mln through its portfolio clients.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Accial Capital Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works