Victory Park, IFC launch emerging markets fintech fund
The International Finance Corporation (IFC) has committed $25 million to a fund that it will co-manage with US-based Victory Park Capital. The fund will improve access to debt capital for financial technology companies in emerging markets, including Asia.
"Asia is certainly a target geography, considering the exponential growth of the sector in this region over the last decade," Brendan Carroll, senior partner and co-founder of Victory Park, told AVCJ. "We see tremendous opportunities to provide credit and other financial solutions to Asia's financial technology companies with a consumer lending angle, providing access to capital where it's most needed."
The fund aims to combine Victory Park's experience in fintech and financial services investment with IFC's geographic scope. Targeted areas will include financial infrastructure, products and services, with a view to improving financial inclusiveness. IFC also noted that it has observed a lack of growth capital, debt and equity financial support for new lending solutions in emerging markets.
Founded in 2007, Victory Park invests across special situations, distress and specialty non-bank financial services lending. According to a filing, it has made commitments of more than $5.2 billion to more than 30 non-bank financial services companies since 2010. It had about $3.5 billion of assets under management as of mid-2017.
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