Galgo continues to reach new milestones. The Chilean fintech company, which operates in Chile, Peru, Colombia, and Mexico, has just signed a partnership agreement with the International Finance Corporation (IFC), a member of the World Bank Group, which will allow them to gain even deeper insight into the unbanked sector in the region.

Galgo—formerly Migrante— provides loans to people without access to bank credit so they can purchase vehicles, primarily motorcycles, which enable them to enter the labor market and thereby improve their quality of life. 

The partnership agreement with IFC—which operates in more than 100 countries and uses its capital, expertise, and influence to create markets and opportunities in developing countries—calls for collaboration to identify and prioritize the needs of these sectors, which are generally underserved by traditional banks, through measures such as reviewing risk mitigation models or defining roadmaps for product improvement.

Ultimately, this agreement will enable Galgo to continue growing in the region, reaching an increasing number of families who need this tool, and thus continue to provide opportunities to this underserved segment.

Since the inception of this project, Fynsa AGF has been involved in structuring the Fynsa Migrante private debt investment fund, raising more than US$30 million. The fund manager will continue to support Galgo’s success and assist them in their growth, always with a focus on the profitability and sustainability of the business.