LinkedIn
  • Home
  • About us
  • ESG and Impact
    • Sustainability-related Disclosures
  • Portfolio
  • News
  • Contact
  • Impact report 2024 →
  • Home
  • About us
  • Portfolio
  • ESG and Impact
  • Contact
  • News
  • Impact report 2024 →

Category: Equity Funds

  • Active
  • Exited

Sohan Lal

Read more

SAVE Solutions

Read more

Khushhali Microfinance Bank

Read more

Fusion Microfinance

Read more

Faircent

Read more

ACME

Read more

Akiba Bank Ltd

Read more

Apoyo Integral

Read more

Araratbank

Read more

Arnur Credit

Read more

Arvand

Read more

Crystal

Read more

Financiera El Comercio

Read more

Finance Trust Bank

Read more

Financiera Fundeser

Read more

KWFT

Read more

Financiera ProEmpresa

Read more

Micro FX Solutions

Read more

Crezcamos

Read more

Banco Fie

Read more

AMK

Read more

Financiera Confianza

Read more

Annapurna

Read more

Grameen Koota

Read more

Asomi

Read more

ACEP Burkina

Read more

Arman Financial Services

Read more

EDPYME Solidaridad

Read more

Unguka Bank

Read more
Back to overview
Learn more about Incofin IM! Subscribe to our newsletter
    or follow us on LinkedIn
About us
  • About Incofin IM
  • Team
  • Values
Portfolio
  • Funds
  • Equity investments
  • Debt Finance
  • Agri Finance
  • Technical Assistance
Impact
  • Our Approach
  • End customer stories
  • Sector Initiatives
Contact
  • Offices
  • Investor relations
  • Work with us
News
  • Downloads
  • News
  • Press releases


Incofin © 2025
  • Cookie statement
  • Privacy statement
  • Legal Information
  • Remuneration Policy
  • Sustainability Risk Policy
  • Grievances
  • Whistleblowing policy
Logo Sohan Lal India

Sohan Lal

Country India
Fund agRIF
Year 2017

Sohan Lal is a market disrupter in the agricultural value chain. Through the use of technology, it offers innovative logistic and financial solutions to smallholder farmers and SMEs. With a coverage of 20 Indian states and 29 locations in Myanmar, Sohan Lal operates over 2,500 warehouses and manages over 600 different commodities.

visit website
Logo Save Solutions India

SAVE Solutions

Country India
Fund agRIF
Year 2017

One of the largest banking Business Correspondent in India, disrupting traditional banking services via its process oriented and tech-enabled systems. With a focus on the rural and most financially excluded segments of society, SAVE services 24 India states and contributes to ~11m rural employment opportunities. agRIF is the sole series A-investor.

visit website
Logo Khushhali Microfinance Bank Pakistan

Khushhali Microfinance Bank

Country Pakistan
Fund RIF II
Year invested 2012

Khushhali is the leading Micro Finance Bank providing financial services to Micro, Small and Medium Enterprises and low income households across Pakistan. Its objective is to be a commercial based microfinance institution, by establishing a sustainable platform of financial services to the poor accompanied with retail delivery mechanisms. RIF II is part of the controlling shareholder consortium of the bank.

visit website
Logo Fusion India

Fusion Microfinance

Country India
Fund RIF II
Year invested 2010

Fusion is a 100% women client based micro-credit and life insurance company, servicing those living in India’s rural and semi-urban areas. Through its products, Fusion promotes economic opportunities to transform the quality of the lives of the most underserved. Fusion has coverage in 13 states, 184 districts and extends to 39,245 villages. RIF II was the sole series A-investor.

visit website
Logo Faircent

Faircent

Country India
Fund agRIF
Year 2017

Faircent is the #1 peer to peer lending platform in India, utilising technology and proprietary processes to make credit accessible to more people, easier, faster and fairer. It has coverage in 32 Indian states and targets the borrower segment who are not be serviced by traditional banks. agRIF is a series B-investor.

visit website
Logo ACME Haiti

ACME

Country Haiti
Fund CVSO
Year 2009

ACME is one of the most prominent microfinance institutions in Haiti. It is a social and sustainable institution that focuses on small entrepreneurs in rural areas and targets the most vulnerable people in Haiti. Most branches of ACME are located in the rural regions. CVSO was the first institutional investor in ACME.

Akiba Bank Ltd

Country Tanzania
Fund CVSO
Year 2003

Akiba Bank caters to the banking needs of the poorest of Tanzanians, who are unbanked and not served by the large commercial banks. Its customers include college students, entire families, home owners, business owners, as well as private operations, who are serviced across its 14 branches.

visit website
Apoyo Integral

Apoyo Integral

Country El Salvador and Guatemala
Fund Impulse
Year 2010

Apoyo Integral is dedicated to providing accessible financial products and services that facilitate the socio-economic inclusion of people who lack access to the benefits of the country’s growing economy.

visit website
Logo Araratbank Armenia

Araratbank

Country Armenia
Fund RIF II
Year 2012

Ararat Bank provides various banking products and services to commercial and retail customers primarily in the Republic of Armenia. Among its many products, it offers bank, escrow, social package, and unallocated bullion accounts. Ararat bank also offers term and accumulative deposits and other deposits products. Arat Bank has 47 branches in Yerevan and the regions.

visit website
Logo Arnur Credit Kazakhstan

Arnur Credit

Country Kazakhstan
Fund RIF II
Year 2012

Arnur Credit is one of the few microfinance institutions that provides financial services in order to support the development and growth of small business in rural areas of South Kazakhstan. The work of Arnur Credit is aimed at raising the living standards of the rural population and the improvement of its social status in modern society. It has 43 branches, 33 of which are located in rural areas.

visit website
Logo Arvand

Arvand

Country Tajikistan
Fund RIF II
Year 2014

Arvand provides loans with no pledge, allowing low-income families and micro-entrepreneurs to increase their income and improve living standards. Other services offered by Arvand include deposit accounts, remittances, currency exchange and cash management services. Along with financial services Arvand also provides non-financial services such as trainings and consultations. Arvand has over 90 service points throughout Tajikistan.

visit website
Logo Crystal Microfinance Organization Georgia

Crystal

Country Georgia
Fund agRIF
Year 2016

Crystal is a dynamic organisation catered to supporting development of micro and small business sectors in Georgia via financial inclusion. Crystal offers a wide range of high quality services including but not limited to agro loans, housing and consumption loans, currency exchange services, remittances and utility payment services. Over a third of the company’s portfolio targets those in rural areas.

visit website
Logo Financiera El Comercio Paraguay

Financiera El Comercio

Country Paraguay
Fund RIF II
Year 2014

Financiera El Comercio is a lending-financing institution, focusing on providing a range of services to rural and agricultural operations, as well as clients in urban areas in Paraguay. Its products include a range of farm credit solutions for activities including but not limited to operating capital, fixed assets, land, machinery, and irrigation system needs. Financiera El Comercio also provides personal loans, housing financing, car loans, and lending solutions to associations.

visit website
Logo Finance Trust Bank Uganda

Finance Trust Bank

Country Uganda
Fund RIF II
Year 2013

Finance Trust Bank offers a broad range of financial solutions, including loans, deposit accounts, money transfer services, utility bills collection and insurance services to small and medium income people companies, SMEs, institutions and individuals. It operates a network of 36 branches. 70% of the bank’s branches are located in rural areas.

visit website
Logo Financiera Fundeser Nicaragua

Financiera Fundeser

Country Nicaragua
Fund RIF II
Year 2014

Financiera Fundeser provides financial products and services to disadvantaged families living in rural areas of Nicaragua. It has a strong social focus and operates through a network of over 27 branches in 20 municipalities.

visit website
Logo WFT Microfinance Bank Kenya

KWFT

Country Kenya
Fund RIF II
Year 2014

KWFT is the sole womens bank in Africa, with deep penetration into remote, rural and peri-urban areas to ensure that women gain financial inclusion to uplift their living standards. With over 800,000 clients across Kenya, KWFT has invested in a vast branch network with over 245 offices spread out across 45 out of the 47 countries.

visit website
Logo Financiera ProEmpresa Peru

Financiera ProEmpresa

Country Peru
Fund CVSO
Year 2004

Financiera ProEmpresa is strongly focused on the underserved areas in Peru. It has a diverse produce range, including credit, debt, deposits and savings, with plans to offer agricultural loans and insurances. It operates 26 agencies, 4 special offices, 13 shared offices (with Banco de la Nación) and 14 information offices.

visit website
Micro FX Solutions

Micro FX Solutions

Country USA
Fund CVSO
Year 2008

MFX is a socially-oriented company that supports impact investing in emerging markets globally, with affordable hedging products and risk management education. By offering more local currency investments, the burden of the currency risk on the financial institution and the micro-entrepreneur is reduced. Over the years MFX has provided hedging for over 1.7 billon of USD. Incofin CVSO is a co-founder of the enterprise.

visit website
Logo Crezcamos

Crezcamos

Country Colombia
Fund RIF I
Year invested 2009
Year of exit 2017

Crezcamos a leading rural microfinance institution providing financial products and services to MSME entrepreneurs. Incofin made its first equity infusion in 2009 when Crezcamos was a microfinance institution in its early stages. At the time of closing, Crezcamos was one of the leading rural microfinance institutions in Colombia in terms of profitability and social performance, managing a loan portfolio of COP 260,000 million (approx. USD 90 million) and providing financial products and services to more than 110,000 micro and small entrepreneurs in Colombia, through a network of over 60 branches.

Key achievements:

  • Incofin IM led the efforts of professionalizing the corporate governance of the company and the roll out of Crezcamos’ successful rural expansion
  • As the first international shareholder, Incofin IM played a catalytic role in attracting new equity investors and debt funders to Crezcamos.
  • Incofin IM implemented a number of effective operational support (TA) projects focused on sophisticating different areas of the company
Crezcamos Pre Post
Borrowers 5.205 104.175
Personnel 49 1.122
Branches 3 63

Exit:

In May 2017 Rural Impulse Fund and Rural Impulse Fund II, both funds managed/advised by Incofin IM, jointly sold their entire 55.2% participation in Crezcamos, via a MBO transaction to the founder and general manager of the company, Mauricio Osorio.

visit website
Logo Banco Fie Bolivia

Banco Fie

Country Bolivia
Fund CVSO
Year invested 2007
Year of exit 2016

Banco FIE is one of the leading banks in Bolivia, with core activities in micro-lending, savings products, money transfers, social security payments, tax coverage, and facilitation of remittances. It contributes to the improvement of the economic conditions in rural zones, by promoting food security and sovereignty for the Bolivian people.

Key achievements:

  • Incofin has supported the organization to become one of the leading financial institutions of Bolivia.
  • The first equity investment was made in 2007 when Banco FIE was still a Non-Bank Financial Institution (NBFI) with a loan portfolio of over USD 150 million.
  • At closing, Banco FIE managed a loan portfolio of USD 1.2 billion and provides diverse financial products and services to more than 1.3 million micro and small entrepreneurs in the country through a nationwide network of over 150 branches and 300 customer service points.
  • Incofin has assisted Banco FIE over these last 9 years; from its transformation process to become a licensed bank to creating value for its stakeholders by balancing financial and social returns.

Exit:

In September 2016 Impulse Microfinance Investment Fund, a fund advised by Incofin IM, sold its entire participation in the Bank, while Incofin cvso, another fund advised by Incofin IM, sold just under approximately half of its 10.5% in Banco FIE to other shareholders of the Bank.

visit website
Logo AMK Cambodia

AMK

Country Cambodia
Fund RIF II
Year invested 2013

AMK is one of the largest and most recognised rural servicing finance institutions in Cambodia. AMK works with over 524,000 clients, is known for its deep rural outreach, high levels of client satisfaction, flexible product offerings and high operational efficiency.  It has evolved from a credit-heavy MFI to a more complete bank for the poor that now offers deposits and remittances at competitive rates.

visit website
Logo Financiera Confianza Peru

Financiera Confianza

Country Peru
Fund CVSO, Volksvermogen, RIF
Year invested 2003
Year of exit 2017

Financiera Confianza operates as a financial institution and offers SME and agricultural credit services, property services, personal and mortgage loans, savings products, CTS account, time deposits and insurance products. Today Financiera Confianza has a nationwide coverage and almost half a million customers.

Key achievements:

Incofin IM has played a key role in:

  • Growing the company from a small MFI in a remote Andean corner to a recognized leader in rural finance
  • Maintaining the MFI’s focus on rural outreach
  • Professionalizing the MFI, including introducing SPM practices
  • Identifying a strategic partner and structuring the merger during the time when global the financial crisis stopped most of M&A activity
Financiera Confianza Pre Post
Borrowers 4.900 220.000
Depositors 0 450.000
Branches 4 149
Loan portfolio USD Mn 8 500
Personnel 40 2.137

 

Exit:

In May 2017 all 3 funds advised by Incofin IM made a full exit via a share sale to the majority shareholder of the company,which is a strategic investor that was brought on board in 2011.

visit website
Logo Annapurna India

Annapurna

Country India
Fund RIF II
Year invested 2012
Year of exit 2014

Annapurna offers financial and technical support to low income households, strengthening their entrepreneurial skills for efficient undertaking of business activities.

Key achievements:

  • Thanks to the timely Series A equity round by Incofin, AMPL, from being a small Orissa focussed NBFC, has grown to become one of the leading Central Eastern new-generation MFIs in the country.
  • Incofin supported and played a pivotal role in helping AMPL has built a strong reputation for itself – focussing on responsible lending, transparent practices, quality governance and building a strong second line of management.
  • Given Incofin’s strategic guidance along with technical assistance, AMPL was able to steer through a number of hurdles it faced in its journey till date. These include AP Crisis which in turn led to a very tight regulatory environment and situation of funding crunch for over 30 months.
Annapurna Pre Post
Borrowers 51,605 977,054
Branches 30 264
Loan portfolio USD Mn 6 177

Exit:

Successful partial exit in October 2016, by way of secondary sale to Women’s World Banking Capital Partners.

visit website
Logo Grameen Koota India

Grameen Koota

Country India
Fund Impulse
Year invested 2009
Year of exit 2014

Grameen Koota was born out of the need for timely and affordable credit to India’s poor and low-income households. It offers collateral-free loans as well as other services to women from poor and low-income households. These loans help the clients raise their standard of living and consequently help break themselves and their families out of poverty. It has coverage in 5 Indian states and services 1.8 M customers.

Key Achievements:

  • Partnership from Incofin helped Grameen Koota transition from a NGO to a sustainable institutional rural microfinance focussed regional player.
  • Opening doors to international equity and debt market
  • Technical assistance and SPM support
  • Active assistance in strengthening their top management
Grameen Koota Pre Post
Borrowers 117,747 1,864,424
Branches 51 440
Loan portfolio USD Mn 13 606

Exit:

In March 2014, fully exited by way of secondary sale to a strategic operator Microventures (now CreditAccess Asia).

visit website
Logo Asomi India

Asomi

Country India
Fund RIF I
Year invested 2008
Year of exit 2014

Asomi provides financial assistance to develop the economically weaker and underprivileged section of society. Via its loan products, it enables access to safe drinking water and water for agricultural purposes. Servicing the North Indian state of Asam, Asomi’s coverage spans over 20 districts and over 2,000 villages.

visit website

ACEP Burkina

Country Burkina Faso
Fund CVSO
Year invested 2009

Year of exit 2022

ACEP Burkina is the second-largest microfinance institution in Burkina Faso by portfolio size (Gross loan portfolio of EUR 41.7 million as of December 2021) and offers a broad range of financial solutions, including loans, deposit accounts, money transfer services to SMEs, institutions and net-worthy individuals. The company serves over 32,000 customers. ACEP’s main focus are micro, small and medium enterprises.

Read more about the exit

visit linkedin
Arman

Arman Financial Services

Country India
Fund RIF II
Year invested 2011
Year of exit 2016

Arman Financial Services enables access to financial solutions via vehicle finance and microfinance products, enhancing the lives of those in overlooked geographies. It provides affordable financing with simple, no-hassle loan products.

Key Achievements:

  • Partnership from Incofin helped Arman shift from a pure urban leasing lender to a more inclusive rural microfinance focussed regional player.
  • Opening doors to international debt market
  • Technical assistance and SPM support
  • Active assistance in strengthening their second line of management.
Arman Pre Post
Borrowers 13,643 131,054
Branches 8 93
Loan portfolio USD Mn 7 29

Exit:

In July 2016, fully exited via an open (public) market sale which was led by Reliance Mutual Fund.

visit website
Logo Edpyme Solidaridad Peru

EDPYME Solidaridad

Country Peru
Fund RIF II
Year invested 2012
Year of exit 2016

EDPYME Solidaridad is a financial institution providing financing to entrepreneurs of small enterprises in Peru. It has a strong and genuine rural outreach, servicing the poorest of the country who are often overlooked by traditional financial institutions due to the higher costs of implementation.

Key achievements:

Consistent growth in terms of both portfolio and # of clients; this growth was achieved while keeping a significant participation of female clients and high rural outreach

EdPyme Solidaridad 2012 2016
Portfolio value (USDm)  $ 84.70  $ 114.80
# Customers 21647 25376
Branches 14 24
Logo Unguka Bank Rwanda

Unguka Bank

Country Rwanda
Fund RIF II
Year 2012

Unguka Bank is a dynamic microfinance bank that was founded by a group of local university students. Unguka serves more than 30,000 clients and operates through 18 branches and 2 outlets. It is present in 3 provinces, as well as Kigali City and 13 districts.

visit website