ALMA Sustainable Finance joins the Credix ecosystem to scale and bring a 15M facility on-chain in Brazil
Last month we shipped the second generation release of the Credix platform, the most sophisticated fixed-income debt platform, featuring multi-layered tranching and arbitrary repayment schedules to allow for more complex deals. Driven by smart-contract logic and programmable stablecoins, Credix V2 enables the most efficient and smooth experience in structuring and administering debt facilities in the world, and has completed an end-to-end audit by Halbron.
The most recent Credix deal, our first with the leading sustainable investment firm ALMA Sustainable Finance, put all our new features to work. The deal needed not two but three tranches in the waterfall structure and had a more customized repayment schedule than our previous 12 deals, making it a first great test of Credix V2. After testing the deal in our development environment, we were ready to list the first multi-layered and largest deal to date on the Credix marketplace at 5.5 million USDC. Within minutes, the deal was created and funded for ALMA.
“Credit facilities are complex by nature. Each one is unique. We made it our mission to find patterns in this complexity and translate those into fully automated smart contracts. The deal with ALMA, which finances their client Divibank, a Brazilian fintech, features a complex tranching and repayment schedule structure; and serves as an example of what can be done on the Credix platform,” said Maxim Piessen, Co-Founder and CTO Credix.
ALMA Sustainable Finance is a global debt platform that creatively deploys capital for sustainable development. The firm uses real-time data and analytics to provide debt capital to high-growth companies in sustainable development asset classes such as inclusive finance, energy and water cleantech, and carbon project development. ALMA seeks to be a permanent, on-tap source of debt that can grow alongside its borrowers in markets such as Brazil, Zambia and India. Since its inception, ALMA has used blockchain technologies for several elements of its business including collateral tokenization, fundraising using DeFi, and now through the use of the Credix platform.
“We’re very pleased to partner with Credix to expand the amount of capital that we are providing to a leading Brazilian fintech, Divibank. There is an undersupply of debt financing in emerging markets such as Brazil, which has a financing gap of 70% for small and medium enterprises, and platform partners such as Credix will be key in helping us to efficiently fund this gap,” said Gautam Ivatury, Manager Partner of ALMA.
ALMA’s borrower, Divibank, is building the go-to platform for online businesses in Latin America. It is a data-driven platform where companies have access to non-dilutive capital, starting with revenue-based financing for the fast-growing Brazilian e-commerce and SaaS markets. As part of its smart-money proposition, the Divibank platform will provide business software with planning tools, insights, and performance analytics. The Credix-ALMA 5.5M USDC drawdown, an extension of an existing ALMA credit line, will enable Divibank to scale up further, onboarding more clients and increasing their origination volume without diluting equity.
We’re excited to partner with ALMA to scale up its debt lending to Divibank and very much welcome both companies to our ever-growing ecosystem of underwriters and top-notch fintechs we want to grow together with. Our latest deal shows the resiliency and complexity our smart-contract logic can handle, allowing for even more customized deals in the future. Much more to come, stay tuned.
