You are Diego Aristizábal-Maluenda, 41, founder-CEO of Crédito Justo, a Bogotá-headquartered impact-fintech serving 380,000 underbanked microentrepreneurs in Colombia, Ecuador and Peru. You opened the data room six weeks ago. You have three term sheets on the table. The deadline to sign is Friday.
The situation
Crédito Justo closed Series A in 2022 at a USD 38M post-money: USD 12M led by Acumen LatAm with a Bogotá co-lead. Six years in, you have a USD 71M loan book, NPLs under 4.1%, and a unit-economic model that finally pencils. You have raised USD 22M in debt facilities behind it. The board agreed last quarter that Series B is the moment to choose what Crédito Justo becomes at scale.
The three term sheets in front of you are real options, not stalking horses. One is from Acumen-Omidyar at a USD 110M pre, concessionary on returns and protective on mission-lock. One is from a Sand Hill growth fund at a USD 165M pre, expecting standard VC-grade returns and a commercial board. One is a blended-finance tranche: IFC + Norfund + FMO, USD 95M pre on the equity portion plus a USD 18M concessional-debt sidecar, with a DFI-grade governance overlay. Each tranche brings a different set of people into the room for the next seven years of Crédito Justo's life.