France: Micro-Lender Mansa Raises €6 Million in Equity

Mansa, a micro-lender based in France that targets the self-employed or gig-economy workers, has raised €6 million in equity in a Series A Funding The round brings its 12-month funding total to €20 million.  €12 million of the funding is reported to be for lending. New investors Anthemis and angel investors joined existing investors Founders Future and other angels to back the Fintech.

Created in 2019 with go-live taking place in February 2020, Mansa provides small loans of between €500 and €10,000 to self-employed or freelance workers – a growing sector of the French economy. In 2020, Mansa originated €1.5 million in loans averaging €3500, according to a report in Le Figaro. Mansa currently reports 20 employees.

Mansa promotes a ten-minute application with a lending decision in under 2 days. Credit products include factoring as well as straight loans.

According to a report in Presse-Citron, Mansa’s default rate stands at just 1.5%. In 2021, Mansa hopes to achieve €2 million in credit per month. Mansa is also planning an expansion into the UK as well as Germany.

 

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