Oikocredit invests USD 3.3 million in Mexican student finance provider Laudex
19 February 2019, Mexico City, Mexico / Amersfoort, the Netherlands – Social impact investor Oikocredit has closed an investment of USD 3.3 million in Laudex, a financial inclusion institution providing loans to students in Mexico.
There is a deficit of high-quality public education in Mexico. Many families lack the resources to send their children to private universities and few banks offer student loans. Laudex fills this gap by providing access to better educational opportunities through competitive financing aligned with students’ needs.
Laudex provides education loans to students from both low- and middle-income backgrounds. The loans are optimised to facilitate the client’s ability to repay based on a unique risk-based pricing model, a robust online approval platform and strong partnerships with universities.
The business relationship between Oikocredit and Laudex began in 2013, when Oikocredit provided two loans to support Laudex in responding to its clients’ needs.
With this equity investment Oikocredit joins the board of Laudex. Oikocredit intends to further enhance Laudex’s work to change lives through access to education by bringing expertise and active engagement to Laudex’s board.
Antonio Rodriguez, responsible for Oikocredit’s equity investment in Laudex, said: “Oikocredit’s vision and mission are aligned with those of Laudex. Oikocredit believes that our investment will help foster social inclusion in the education sector, empowering students from low-income backgrounds and creating positive social impact in the long-term.”
Francisco Cordero, Laudex’s CEO and founder of commented: “We’re excited to have Oikocredit join Laudex as investors and board members. For us, it’s paramount that our shareholders are aligned with our core values and purpose, to promote education and change lives. In Oikocredit, our first international investor, we’ve found a partner that’s highly aligned with us. We believe Oikocredit will play a key role in supporting us make tertiary education more accessible for thousands more students.”
Vicente Gutierrez, CFO of Laudex, said: “We’re very pleased to have Oikocredit as an investor in our company. We’re convinced that the active participation of such a highly regarded institutional investor will be crucial in achieving our long-term goals.”
Oikocredit joins fellow Laudex shareholders — including Promotora Social Mexico, Comarca Grande, Ambar Capital and a group of well-known individual investors — in committing to supporting the institution going forward.
Social impact investor and worldwide cooperative Oikocredit has over 40 years’ experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to sustainably improve their living standards.
Oikocredit finances close to 700 partners, with total outstanding capital of € 971 million at 30 September 2018.
For more information: www.oikocredit.coop.
Laudex is a Mexican student-lending business that supports bottom of the pyramid to middle income individuals reach and finish university or graduate studies. As of December 2018, Laudex has provided student loans to more than 12,000 students with approved lines of credit of Mx$ 1.8 million.
For more information: www.laudex.mx
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