Montreal (Quebec), 16 September 2026 – The Honourable Randeep Sarai, Secretary of State (International Development), announced a USD 40 million loan on behalf of Canada’s bilateral development finance institution (DFI), FinDev Canada, to Lendable MSME Fintech Credit Fund II (or the Fund), a global-focused debt fund operating in Latin America, Africa, and Asia. The commitment will support economic growth, financial inclusion, and gender equality. This represents FinDev Canada’s third commitment with Lendable MSME Fintech Credit Fund II.
FinDev Canada’s loan, supported by a credit insurance policy provided by AXA XL, will enable the Fund to increase access to financing for businesses and individuals underserved by traditional banking services. Capital will be deployed to fintech companies focused on asset lending; micro, small and medium-sized enterprises; consumer credit; and payment platforms operating in emerging markets, including in Least Developed Countries. Beyond capital, the Fund provides advisory services to its portfolio companies focused on technology capacity, data management, client protection, and Environmental Social Governance (ESG) practices.
The Fund supports responsible fintech companies, while introducing incentives that rewards them for making progress on gender equality, including opportunities for women among their customers and employees.
The Fund will focus on promoting gender inclusive practices across its portfolio and internally. This includes ensuring at least 50% of portfolio companies are 2X-aligned, improving access to financing for women-owned enterprises, and supporting women’s employment and leadership opportunities across its workforce.
The unique public/private partnership approach to the transaction established by FinDev Canada effectively provides the core funding layer via a structure that facilitates AXA XL’s exposure to the underlying investment and contribution to its development impact, while maintaining alignment with AXA XL’s risk appetite.
FinDev Canada is contributing USD 296 thousand to Lendable's multi-donor Technical Assistance Facility, alongside other development finance partners. The facility will help fintech companies strengthen gender equality, climate risk management, and consumer protection practices. Additionally, it will improve its impact measurement and ESG reporting systems.
“This transaction shows how DFIs can act as enablers of private investment. By leveraging our capital, we can support a critical pathway for global investors and insurers' participation, such as AXA XL. Through our combined resources, we can support the Fund to strengthen financial inclusion and advance gender equality in priority regions,” said Lori Kerr, CEO, FinDev Canada.
"Canada is committed to working with partners to increase private investment in sustainable development. Through FinDev Canada’s partnership with Lendable and AXA XL, the Government of Canada is helping expand access to the financing that entrepreneurs, small businesses, and women-owned enterprises need to grow and succeed,” said the Honourable Randeep Sarai, Secretary of State (International Development).
"We value our growing partnership with FinDev Canada, and this transaction is a great example of what that relationship can unlock. By structuring a credit-insured loan that enabled AXA XL to participate alongside them in an investment-grade-rated opportunity. FinDev Canada helped bring new institutional capital into the fund at a pivotal moment, supporting us in reaching final close. It's a strong signal of the creativity and confidence our partners bring to this strategy, and we're excited to welcome AXA XL as a partner as a result,” commented Chris Wehbe, CEO of Lendable.
“This type of creative engagement between insurers, investors and the development finance community can unlock substantial capacity for impact investment,” commented Jeff Abramson, Head of AXA XL’s Political Risk & Credit Insurance program in the Americas.
About FinDev Canada
FinDev Canada is a development finance institution that invests in emerging markets to deliver development impact, financial returns, and shared economic prosperity. We provide debt, equity, blended finance, technical assistance, and advisory across infrastructure, agribusiness, and the financial industry in developing economies—to support development through the private sector. Find out more about FinDev Canada at www.findevcanada.ca.
About Lendable
Lendable is a leading provider of asset-backed debt with a focus on emerging markets, with over USD 1B of assets under advisory (AUA), founded in 2014 to provide private credit solutions for a more inclusive and sustainable future. Its investment capabilities, structuring and risk management are built around its proprietary on-demand data and analytics platform, Maestro. Headquartered in London, with global investment hubs in Singapore, Nairobi, Johannesburg, and Buenos Aires, Lendable employs 47 people representing 22 nationalities, bringing deep local expertise and networks across its markets. With a focus on financial inclusion, sustainability, and impact, Lendable supports the real economy in rapidly growing markets.
About AXA XL Insurance
AXA XL Insurance offers property, casualty, professional, financial lines, and specialty insurance solutions to mid-sized companies through large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
Media Contact
FinDev Canada: Media@findevcanada.ca