Company name

Ku-bo Financiero, S.A. de C.V., S.F.P.

Project number

13102-01

FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.

E&S category
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FI-3

Country

Mexico

Sector

Financial Institutions

Status

In implementation

Disclosed date

10/14/2020

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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02/16/2021

Approval date

02/16/2021

Signed date

06/04/2021

Sponsoring entity

N/A

Team leader

Martinez Gama, Carlos

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 10,000,000

Currency

MXN

Project scope and objective

The proposed financing consists of an equity investment in Ku-bo Financiero, S.A. de C.V., S.F.P. ("Kubo" or the "Company") of up to the Mexican peso equivalent of US$10 million. Kubo is a microfinance company with primarily digital operations that is regulated by the Mexican National Banking and Securities Commission. The Company offers loan, deposit and payment products through its online platform. IDB Invest's investment will consist of a subscription of the preferred shares to be issued by Kubo (the "Financing").

The Financing will serve as a stimulus to develop the fintech industry in Latin America and the Caribbean. The investment in Kubo will have strong financial additionality, as it will bolster the capital base to support the Company's growth, strengthen its IT systems and implement marketing strategies. Financing could be complemented with advisory services focused on creating inclusive financing products for Micro, Small and Medium Enterprises (“MSMEs”) and developing an alternative credit analysis system.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

ENVIRONMENTAL AND SOCIAL REVIEW

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Jorge Turcott

POSITION

Finance Manager

PHONE NUMBER

(52-55) 6269-0024

EMAIL

jorgetg@kubofinanciero.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices