The International Finance Corporation (IFC), a member of the World Bank Group (WBG), announced an equity investment of USD 20 million (in Chilean pesos equivalent) in Tanner Servicios Financieros S.A. to strengthen its capital base and support growth, including the creation of a fully licensed and regulated commercial bank subsidiary.
Additionally, IFC has provided a long-term senior unsecured convertible loan of up to US$20 million to finance Tanner's electromobility and MSME portfolios, with a focus on women-owned SMEs (WSMEs).
“We are pleased to support Tanner with this equity and financing package, which presents an excellent opportunity to invest in a leading company focused on SMEs while exploring transformative sectors like electromobility. This initiative is urgently needed and aligns with IFC’s mission to promote sustainable and inclusive finance and drive innovation," said Helena de la Torre, IFC’s Regional Industry Manager for Brazil and the Southern Cone.
Derek Sassoon, Tanner’s general manager, says: “I am convinced that IFC’s participation will be a great contribution to addressing the challenges and taking advantage of the opportunities to continue contributing to Chile’s economic development, sustainability and electromobility. Their decision to participate in our company again demonstrates their confidence in our vision and the work we do.”
The financing will be complemented by advisory services from IFC to support Tanner develop an embedded finance strategy to enhance client acquisition through partnerships with non-financial companies.
Chile has set ambitious climate targets to reduce emissions from energy and transportation, which contribute 60 per cent of greenhouse gases, with transportation alone accounting for 25 per cent. Promoting electromobility is crucial for cutting emissions and decreasing fossil fuel reliance. Banking institutions, such Tanner, can facilitate necessary investments to support this transition toward greener alternatives.
The investment also aligns with IFC's broader strategic goal of promoting financial and social inclusion, as well as the World Bank Group's Gender Strategy 2024-2030, which focuses on expanding economic opportunities through greater ownership and use of assets and enhancing financial inclusion. The World Bank’ Group’s Country Private Sector Diagnostic identified gender inequality as a key challenge affecting private sector productivity in Chile, highlighting the need to address this gap to foster inclusive economic growth.
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