Madrid, 13 May 2019.- Spanish Development Finance Institution, COFIDES, S.A., S.M.E, to back the tech firm INBONIS in its entry into the French market.
COFIDES will provide 125,000 Euros to conclude the certification process from the body specialising in the financial certification of SMEs, which will take the form of a co-investment loan to the developer funded by the Fund for SME Foreign Investment Operations (FONPYME). Total investment in the project will reach 179,000 Euros.
The financing includes a variable component linked to INBONIS maintaining its B-Corp certification over the coming years. With this financing, COFIDES strengthens its commitment to meeting the Sustainable Development Goals.
INBONIS is a fintech company which began trading in 2015 and which aims to establish itself as the first Credit Rating Agency (CRA) specialising in the rating of SMEs in Europe to be registered with the European Securities and Markets Authority. The CRA accreditation process is complex and can last several years. INBONIS is currently on the final stretch..
The developer’s end goal is help SMEs access credit markets which they would normally have difficulties in accessing. In the development of its own technology, the company is working on software which is able to supply itself with data to establish a rating for SMEs at a much lower cost.
COFIDES Chairman and CEO, José Luis Curbelo, underlined “the importance of providing SMEs with the necessary financing for growth and for investors to be able to take decisions with more information and security”, which will result in “substantial benefits for the whole business and financial sector”.
The CEO of INBONIS, Alberto Sánchez Navalpotro, highlighted that COFIDES’ backing will enable the fintech “to broaden the positive impact on European SMEs by simplifying the credit risk assessment process, and demonstrates COFIDES’ commitment to the sector”.
INBONIS is a “fintech” company committed to financial inclusion for SMEs. It specialises in constructing complex models and machine learning algorithms to build trust among small and large companies and has held B-Corp certification since December 2017. This certification recognises businesses with higher standards in environmental and social protection, transparency, and accountability.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.