R5, a Colombian provider of fintech and insurtech services, raised $7 million in an investment round led by Germany-based Global Founders Capital. Also participating were US-based Accion Venture Lab, Costa Rica-based Carao Ventures, US-based Endeavor Catalyst and Chile-based Magma Partners. R5 harnesses AI to issue car insurance and loans using vehicles as collateral in Colombia. Fernando Sucre, CEO of R5, said, “We are very proud of the growth rates achieved throughout the past three years. As to our loans, we plan to close 2022 with five times the disbursement volumes achieved in 2021.”

Source: MicroCapital

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