Elevar Equity
Elevar Equity is a private equity and venture capital firm that provides early-stage and growth capital to high-potential, impact-focused companies. It concentrates on businesses that serve low-income customers in emerging markets, including financial services, education, healthcare, housing, agriculture, and MSMEs, with a particular emphasis on scalable, affordable distribution models for the base of the pyramid. The firm supports a range of sectors, notably fintech, education and employability, market linkages, and housing, aiming to deliver both meaningful social impact and financial returns. Elevar typically takes minority or majority stakes and pursues long-term partnerships with entrepreneurs. Founded in 2006 and headquartered in Seattle, it operates additional offices in San Francisco, Bangalore, Ebene, Bogota, and Mexico City, reflecting a multi-regional footprint across India, Latin America, and Southeast Asia. Its investment approach centers on human-centered solutions that connect underserved customers to essential products and services, with a focus on sustainable growth and measurable impact.
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Past deals in Lending
Niro
Series B in 2024
Niro is a fintech startup focused on integrating personal credit products into prominent consumer internet platforms. By providing an application programming interface, Niro enables these platforms to offer tailored credit solutions that enhance user engagement and generate additional revenue. The company aims to transform the consumer lending landscape in India, seeking to democratize access to convenient and streamlined embedded credit options for the country's vast population of internet users. Through its innovative approach, Niro strives to create significant value for both consumer internet brands and their end users.
Niro
Series A in 2023
Niro is a fintech startup focused on integrating personal credit products into prominent consumer internet platforms. By providing an application programming interface, Niro enables these platforms to offer tailored credit solutions that enhance user engagement and generate additional revenue. The company aims to transform the consumer lending landscape in India, seeking to democratize access to convenient and streamlined embedded credit options for the country's vast population of internet users. Through its innovative approach, Niro strives to create significant value for both consumer internet brands and their end users.
Indifi Technologies
Series D in 2021
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Niro
Seed Round in 2021
Niro is a fintech startup focused on integrating personal credit products into prominent consumer internet platforms. By providing an application programming interface, Niro enables these platforms to offer tailored credit solutions that enhance user engagement and generate additional revenue. The company aims to transform the consumer lending landscape in India, seeking to democratize access to convenient and streamlined embedded credit options for the country's vast population of internet users. Through its innovative approach, Niro strives to create significant value for both consumer internet brands and their end users.
CreditMantri
Venture Round in 2020
CreditMantri is an Indian digital platform that helps users manage their credit health. It provides personalized credit reports, tracks payment activities, offers credit improvement services, and facilitates loan applications based on individual credit profiles.
Indifi Technologies
Series C in 2019
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Bettr Credit
Seed Round in 2019
Bettr Credit is a values-driven start-up on a mission to provide financial products to one and all. Bettr Credit offers the first modern credit card experience that is mobile-first - ensuring that the user has complete control over his card and credit. Bettr Credit also offers a free credit score, personal loans, overdraft facilities and mobile insurance.
Afluenta
Series C in 2019
Afluenta S.A. is a pioneering company based in Buenos Aires, Argentina, specializing in peer-to-peer lending and loans through its innovative online platform. Founded in 2008, Afluenta connects borrowers with lenders, allowing individuals and small to medium-sized enterprises (SMEs) to access loans at more competitive rates than those offered by traditional financial institutions. The platform not only provides borrowers with easier access to credit but also offers investors attractive yields on their funds. Afluenta operates in multiple countries across Latin America, including Argentina, Mexico, and Peru, with plans for future expansion into Colombia and Brazil. Its fully automated marketplace lending model features real-time credit assessment, risk scoring, and a secondary market where investors can trade loans, enhancing liquidity and efficiency in the lending process.
Bankingly
Series A in 2018
Bankingly is a fintech company founded in 2015 and based in Montevideo, Uruguay, dedicated to enhancing digital banking services for financial institutions in emerging markets. The company offers a software as a service (SaaS) platform that enables its clients to promote digital channels, thereby fostering financial inclusion for millions of people. Bankingly's cloud-hosted technologies allow financial institutions to manage their products, facilitate digital transactions, and engage with customers through a mobile application, transactional website, and chatbot, among other tools. With a focus on affordability, the pricing model is based on the number of active users, helping clients align costs with benefits. The company prioritizes a streamlined implementation process while maintaining high standards of functionality and cybersecurity. Currently, Bankingly's technology supports over 1.5 million users across more than 100 financial entities.
Afluenta
Series C in 2018
Afluenta S.A. is a pioneering company based in Buenos Aires, Argentina, specializing in peer-to-peer lending and loans through its innovative online platform. Founded in 2008, Afluenta connects borrowers with lenders, allowing individuals and small to medium-sized enterprises (SMEs) to access loans at more competitive rates than those offered by traditional financial institutions. The platform not only provides borrowers with easier access to credit but also offers investors attractive yields on their funds. Afluenta operates in multiple countries across Latin America, including Argentina, Mexico, and Peru, with plans for future expansion into Colombia and Brazil. Its fully automated marketplace lending model features real-time credit assessment, risk scoring, and a secondary market where investors can trade loans, enhancing liquidity and efficiency in the lending process.
Varthana
Series C in 2018
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Shubham Housing Development Finance Company
Series D in 2018
Shubham Housing Development Finance Company Private Limited, established in 2010 and headquartered in Gurugram, India, specializes in providing housing finance solutions to families with informal incomes. The company offers a range of financial products, including home loans, home improvement loans, and loans against property. As one of the pioneering organizations in India focused on serving urban low-income and informal income families, Shubham aims to facilitate home ownership by offering formal credit options to those typically excluded by traditional lending institutions. Its unique operating model emphasizes an interview-based approach to underwriting, allowing the company to gain a comprehensive understanding of customers' income and expense flows, rather than relying solely on conventional documentation.
Afluenta
Series B in 2017
Afluenta S.A. is a pioneering company based in Buenos Aires, Argentina, specializing in peer-to-peer lending and loans through its innovative online platform. Founded in 2008, Afluenta connects borrowers with lenders, allowing individuals and small to medium-sized enterprises (SMEs) to access loans at more competitive rates than those offered by traditional financial institutions. The platform not only provides borrowers with easier access to credit but also offers investors attractive yields on their funds. Afluenta operates in multiple countries across Latin America, including Argentina, Mexico, and Peru, with plans for future expansion into Colombia and Brazil. Its fully automated marketplace lending model features real-time credit assessment, risk scoring, and a secondary market where investors can trade loans, enhancing liquidity and efficiency in the lending process.
CreditMantri
Series B in 2017
CreditMantri is an Indian digital platform that helps users manage their credit health. It provides personalized credit reports, tracks payment activities, offers credit improvement services, and facilitates loan applications based on individual credit profiles.
Indifi Technologies
Series B in 2016
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Covalto
Convertible Note in 2016
Covalto is a Mexican financial services company that serves small and medium enterprises with credit, banking and analytics solutions. It offers a multi-product lending platform that provides agile and fair credit, factoring and leasing, complemented by a digital SME banking platform and a suite of business analytics tools. The company leverages digital tax, e-invoice and other financial data to underwrite and service SMes at scale, using credit models that emphasize overall business performance rather than relying solely on the owner's personal credit history. Covalto was founded in 2015 and is based in Mexico City. In 2021 it became the first fintech in Mexico to acquire a regulated bank, enabling expanded digital SME banking and services. The approach focuses on accessible credit that supports business growth through transparent, data-driven decisions.
Covalto
Seed Round in 2016
Covalto is a Mexican financial services company that serves small and medium enterprises with credit, banking and analytics solutions. It offers a multi-product lending platform that provides agile and fair credit, factoring and leasing, complemented by a digital SME banking platform and a suite of business analytics tools. The company leverages digital tax, e-invoice and other financial data to underwrite and service SMes at scale, using credit models that emphasize overall business performance rather than relying solely on the owner's personal credit history. Covalto was founded in 2015 and is based in Mexico City. In 2021 it became the first fintech in Mexico to acquire a regulated bank, enabling expanded digital SME banking and services. The approach focuses on accessible credit that supports business growth through transparent, data-driven decisions.
Varthana
Series B in 2016
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Afluenta
Series B in 2016
Afluenta S.A. is a pioneering company based in Buenos Aires, Argentina, specializing in peer-to-peer lending and loans through its innovative online platform. Founded in 2008, Afluenta connects borrowers with lenders, allowing individuals and small to medium-sized enterprises (SMEs) to access loans at more competitive rates than those offered by traditional financial institutions. The platform not only provides borrowers with easier access to credit but also offers investors attractive yields on their funds. Afluenta operates in multiple countries across Latin America, including Argentina, Mexico, and Peru, with plans for future expansion into Colombia and Brazil. Its fully automated marketplace lending model features real-time credit assessment, risk scoring, and a secondary market where investors can trade loans, enhancing liquidity and efficiency in the lending process.
Indifi Technologies
Seed Round in 2015
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Vistaar
Series D in 2015
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
CreditMantri
Series A in 2015
CreditMantri is an Indian digital platform that helps users manage their credit health. It provides personalized credit reports, tracks payment activities, offers credit improvement services, and facilitates loan applications based on individual credit profiles.
Ujjivan
Private Equity Round in 2015
Ujjivan Financial Services Limited, established in 2004, is a leading Indian financial services provider, headquartered in Bengaluru. It specializes in serving the economically active poor, offering a wide range of micro and rural finance products, housing, personal, vehicle, and institutional loans, along with group and individual insurance. As of 2020, it operated through 575 branches. In 2016, Ujjivan Small Finance Bank Limited was launched as a subsidiary, providing banking services including savings and loan products, mobile banking, debit cards, and insurance to unserved and underserved segments, with 575 banking outlets and 475 ATMs as of 2020. Both entities are committed to promoting financial inclusion in India.
Varthana
Series A in 2014
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Shubham Housing Development Finance Company
Series C in 2014
Shubham Housing Development Finance Company Private Limited, established in 2010 and headquartered in Gurugram, India, specializes in providing housing finance solutions to families with informal incomes. The company offers a range of financial products, including home loans, home improvement loans, and loans against property. As one of the pioneering organizations in India focused on serving urban low-income and informal income families, Shubham aims to facilitate home ownership by offering formal credit options to those typically excluded by traditional lending institutions. Its unique operating model emphasizes an interview-based approach to underwriting, allowing the company to gain a comprehensive understanding of customers' income and expense flows, rather than relying solely on conventional documentation.
Vistaar
Series C in 2014
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Shubham Housing Development Finance Company
Series B in 2012
Shubham Housing Development Finance Company Private Limited, established in 2010 and headquartered in Gurugram, India, specializes in providing housing finance solutions to families with informal incomes. The company offers a range of financial products, including home loans, home improvement loans, and loans against property. As one of the pioneering organizations in India focused on serving urban low-income and informal income families, Shubham aims to facilitate home ownership by offering formal credit options to those typically excluded by traditional lending institutions. Its unique operating model emphasizes an interview-based approach to underwriting, allowing the company to gain a comprehensive understanding of customers' income and expense flows, rather than relying solely on conventional documentation.
Vistaar
Series B in 2012
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Vistaar Finance
Series B in 2012
Vistaar Finance designs and delivers customized loan products to small businesses, tailoring loan amounts and tenors to fit industry needs. The company focuses on dominant livelihoods in specific markets, including textiles and power looms, and provides non-banking financial services to attract mainstream capital and resources. By serving carefully chosen segments, it helps clients improve their economic output through strategic planning and credit support. Vistaar Finance was established in 2010 in Bengaluru, Karnataka, by Brahmanand Hegde.
Ujjivan
Venture Round in 2012
Ujjivan Financial Services Limited, established in 2004, is a leading Indian financial services provider, headquartered in Bengaluru. It specializes in serving the economically active poor, offering a wide range of micro and rural finance products, housing, personal, vehicle, and institutional loans, along with group and individual insurance. As of 2020, it operated through 575 branches. In 2016, Ujjivan Small Finance Bank Limited was launched as a subsidiary, providing banking services including savings and loan products, mobile banking, debit cards, and insurance to unserved and underserved segments, with 575 banking outlets and 475 ATMs as of 2020. Both entities are committed to promoting financial inclusion in India.
Vistaar
Series A in 2010
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Grama Vidiyal Micro Finance
Venture Round in 2009
Grama Vidiyal Microfinance is a prominent microfinance institution in Tamil Nadu, specifically operating in Trichy and Chennai. It specializes in providing small, collateral-free loans to women who lack access to formal credit. The organization is committed to empowering women from impoverished families by facilitating their inclusion in community networks and enhancing their social, economic, and political standing. In addition to its loan offerings, Grama Vidiyal also provides insurance services, supporting individuals in meeting their general, seasonal, and business financing needs. Through its focused approach to poverty alleviation, Grama Vidiyal aims to foster sustainable development within the communities it serves.
Ujjivan
Venture Round in 2008
Ujjivan Financial Services Limited, established in 2004, is a leading Indian financial services provider, headquartered in Bengaluru. It specializes in serving the economically active poor, offering a wide range of micro and rural finance products, housing, personal, vehicle, and institutional loans, along with group and individual insurance. As of 2020, it operated through 575 branches. In 2016, Ujjivan Small Finance Bank Limited was launched as a subsidiary, providing banking services including savings and loan products, mobile banking, debit cards, and insurance to unserved and underserved segments, with 575 banking outlets and 475 ATMs as of 2020. Both entities are committed to promoting financial inclusion in India.
Credex
Venture Round in 2006
Credex is a profit oriented microfinance institution dedicated to offering financial support for the economic and social development of those unserved by the traditional banking system. Credex targets low-income borrowers through individual productive loans in the poor urban and semi-urban areas and village banking in the rural areas of Mexico.
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