The co-investment represents IFC's first investment in the insurance brokerage sector and reflects IFC's interest in increasing insurance penetration for Mexican companies alongside a leading player in the market.
The investment will help reduce traditional banking costs and improve supply chains boosting financial access, productivity and exports.
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.
This investment is the first of five proposed commitments to ABL Trust Mexico that could reach a total of $2 billion pesos in the next three to five years.
Remittances sent to Mexico, a major support for the Mexican economy and in particular for low-income families, continued its historic 2020 run and rose in July to the third highest level on record.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
The transaction will help the company expand its product offerings to small and medium enterprises (SMEs) and is designed to support the economic recovery from the COVID-19 health crisis.
Mexican fintech startup Credijusto has raised $100 million in debt from Credit Suisse Group, a move that will help it extend more loans to small and mid-sized businesses as banks gauge how to respond to the impact of coronavirus.