BOGOTÁ, Colombia, May 7, 2020 /PRNewswire/ -- Zinobe, a leading online financial services company in the Colombian market, announced the closing of its USD $10 million secured line of credit, expandable up to USD $30 million, provided by Monachil Capital Partners, a global investment management firm founded by former Goldman Sachs partner Ali Meli.
Zinobe, Colombia's fastest-growing fintech company, utilizes technology and advanced analytics to provide financial products for underserved markets. Lineru, the company's consumer loan product, was among the first fully online credit products in the region when it was introduced in 2012. The company was selected by the Colombian government as the first fintech partner to provide loans to Colombian citizens affected by the COVID-19 lockdown.
"We are committed to develop modern financial services for everyone, and we are deploying all our technological and data analysis capabilities to provide more than four million independent workers affected by the lockdown with our online credit solutions," said Tarek El Sherif, CEO of Zinobe. "As our company launched an effort to assist these citizens affected by the current crisis, Monachil was very receptive and flexible to Zinobe's need to deploy capital now and provide Colombians with much-needed liquidity."
"We are honored to be a capital partner to Zinobe and support their new origination activity. It is particularly meaningful to us to invest in Colombia, as the country — like many others — is dealing with a difficult economic situation and access to credit can have a crucial positive impact on Zinobe's customers," said Ali Meli, founder and general partner of Monachil Capital Partners. "We look forward to expanding our partnership with Zinobe as the company continues to execute on its business model and broaden its base in Colombia."
Zinobe operates in Colombia and develops online financial products for the consumer and small business underserved sectors. The company is focused on using technology to provide the highest level of customer experience and automation to maximize operational efficiencies. Zinobe has developed a data-centric credit model to help target underserved markets in Colombia. For more information, please visit www.zinobe.com and www.lineru.com.
About Monachil Capital Partners
Monachil Capital Partners ("MCP") is a global investment manager specializing in structured credit, specialty finance, and consumer finance investing. Located in Stamford, Connecticut, MCP was founded by Ali Meli after almost 15 years at Goldman Sachs & Co. where he was a Partner and the Global Co-Head of Structured Finance, Investing and Lending. MCP's team has decades of experience identifying investment opportunities around the globe, underwriting the risks, negotiating the terms and structuring the transactions. MCP's strategic advantage is its ability to consistently combine technology and investment insight together with a relentless focus on the needs of its investors. For more information, please visit www.monachilpartners.com.