Colombian FinTech Avista, which uses digital financial solutions to provide greater access to credit products, has reportedly raised $22.5m in a debt facility.

The funds were supplied by Accial Capital, an investor in asset-backed FinTech lending portfolios in emerging markets, according to a report from Forbes Colombia.

With the capital, the company hopes to grow its loan originations which are focused on the retiree population. Avista aims to disburse over $100m this year, which would bring its loan portfolio to $210m.

Founded in 2019, Avista offers credit and payroll advance services to pensioners, teachers and police officers. For pensioners up to the age of 84, they can take out a loan from $1m to $140m on terms of up to 180 months. Repayments will be deducted from the pension payroll automatically.

This is not the first debt facility from Accial Capital, with the firm having deployed over $32.5m into the Colombian FinTech. With the financial support, Avista claims to have tripled its loan portfolio from $55m to $160m in two years.

Speaking on the funding round, Avista CEO Martín Restrepo said, “Accial has allowed us to remain focused on our mission of providing fair and affordable financial solutions while strengthening our ESG practices and long-term relationships with our investors.

“In addition, we firmly believe that we must continue executing our strategy focused on profitability and 100% digital experiences for our clients, maintaining our leadership position in the payroll market.”

Another Colombian FinTech company to raise capital recently was KLYM. FinTech is a data-driven solution that offers real-time financial services. Its platform can offer supply chain financing in over 25 local currencies through a partnership with JP Morgan.

In January, the company secured a $27m investment that was led by JP Morgan and the International Finance Corporation.