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In India, Proparco is supporting NeoGrowth, an innovative player that promotes access to credit for microenterprises and SMEs
Project
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Signature date
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Location
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India
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Financing tool
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Financing amount (Euro)
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15000000
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Financing details
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USD 17m loan
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Customer
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NeoGrowth Credit Pvt.
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Type of customer
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Financial institution
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Country of headquarters
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India
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Project number
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PIN1065
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a EUR 15m loan to NeoGrowth, an Indian FinTech and an innovative player in the SME lending segment. NeoGrowth Credit’s key innovation lies in its capacity to provide unsecured credit, thanks to the analysis of the borrower’s creditworthiness based on credit card or online payments.
Client presentation
NeoGrowth Credit is an Indian FinTech set up in 2012. It is an innovative player and pioneer in the segment of lending to microenterprises and small and medium-sized enterprises, based on the analysis of their digital payment data. It thereby facilitates access to credit for these microenterprises and SMEs which were previously unserved. NeoGrowth Credit’s key innovation lies in its capacity to provide an unsecured loan thanks to the analysis of the borrower’s creditworthiness based on the credit card or online payments received (in real time). This method is also known as “Merchant Cash Advance”.
Project description
Allocation of a loan of almost USD 17m with a 5-year maturity.
Project impact
Proparco’s financing will support NeoGrowth’s development and will help it reach an increasing number of SMEs throughout the country. Some 28,000 small businesses should benefit from this operation over the next five years, which will support a total of over 4,000 jobs. This operation is in line with Proparco’s commitment to support access to financing for SMEs in developing countries and emerging economies.