Aflore

We wanted to inform lenders that loans associated with our former partner, Aflore Capital, have ended in default following the company’s closure and entry into liquidation proceedings. Aflore, a Colombian fintech focused on expanding financial inclusion for underserved and lower-middle-income entrepreneurs, ceased operations after experiencing significant financial and liquidity challenges. Like many financial institutions serving vulnerable populations, Aflore was heavily impacted by the COVID-19 pandemic and its consequences. Although the organization was able to serve clients for several years, a combination of funding constraints, adverse market conditions, and portfolio challenges ultimately led to its liquidation.

During its 10 years of operation, Aflore supported more than 25,000 clients and disbursed over US$27 million in loans through a community-based lending model designed to increase access to credit. Unfortunately, due to the company’s financial situation and ongoing liquidation process, Kiva does not expect to recover the remaining outstanding balance owed by Aflore, and lenders who supported these loans will not receive repayment on the defaulted amounts. While this outcome is deeply disappointing, we remain grateful for the support lenders provided to Aflore’s borrowers and recognize the meaningful impact the organization had on financial inclusion efforts in Colombia.

We also want to sincerely thank our lenders for continuing to believe in Kiva’s mission. Supporting underserved communities and entrepreneurs often involves working in challenging environments where risks can materialize, but your support continues to create meaningful opportunities for millions of people around the world. We hope you will continue standing with Kiva and the many partners and borrowers working to build brighter futures through access to financial services