October 30, 2023

MicroVest Invests in Bayport Colombia to Expand Access Payroll Loans for Public Sector Employees

MicroVest announced a $4 million investment in Bayport Colombia, a financial services provider specializing in payroll lending for underserved pensioners and public sector employees in Colombia. Bayport’s payroll loans, also known as ‘Libranzas,’ are administered by employers and repaid through automatic payroll deductions, an approach that facilitates individuals with limited credit histories or lower/riskier credit scores to establish and/or re-build their credit profiles.

The investment aims to support Bayport’s goal of broadening its reach to a larger portion of public sector employees and pensioners to expand credit accessibility and financial empowerment for this population segments. The investment also underscores MicroVest’s commitment to advancing financial inclusion and broadening credit access for demographic segments underserved by traditional financial institutions.

Established in 2011, Bayport Colombia operates as a subsidiary of Bayport Management and has quickly grown into one of Colombia’s leading payroll lending institutions. Today Bayport Colombia manages a loan portfolio of 1.1 trillion pesos with presence in 15 cities across Colombia, serving over 68,000 customers through its network of 17 branches. Bayport Colombia is the leader in Colombia’s non-bank payroll lending market, with 30% market share.

This is MicroVest’s third investment in Bayport Colombia since 2016.

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