Equator Capital backs Jamii Bora with $5.9M
Chicago-based impact investment firm Equator Capital is backing Jamii Bora for the second time this year, spending $5.9 million for a 15% stake in the Kenyan bank. Additional terms of the deal were not disclosed.
In April, this year, Equator Capital teamed up with fellow private equity investor Progression Capital Africa to back Jamii Bora with $12 million. The latest transaction, like the last, is being made through Equator’s ShoreCap II Fund, a Mauritius-based private equity investment vehicle with approximately $80 million in committed capital.
Equator Capital’s investment strategy is to target opportunities in small business banks and microfinance institutions. Nathalie Gabala, an Investment Director at Equator, noted how well the deal aligned with the fund’s investment focus, saying “Our investment approach is to deliver inclusive financial services that promote sustainable economic, social and environmental development through private sector investments. The bank is also managed by dedicated executives backed by a competent team and we look forward to collaborating with them to enrich their value to society and grow the Bank to a reputable high impact institution.”
Jamii Bora serves over 400,000 customers through 26 branches located across Kenya.