R5 Secures Funding to Boost Credit Offerings

Colombian fintech firm R5 has received an undisclosed investment from UK fund Lendable. The funding is part of a debt deal designed to expand R5’s credit offerings related to buying used vehicles.

The investment will allow R5 to increase its credit modality, enabling customers to secure loans for purchasing used cars, with a repayment period of 48 months.

Pablo Armida, Co-Founder and COO of R5, stated the capital will help further R5’s mission of impacting Colombians positively and enhancing their quality of life.

R5’s services are primarily focused on providing car insurance and loans to the underserved population in Colombia. With this new financing, the fintech firm aims to broaden its reach and continue meeting the financial needs of its customers.