51853 - Cauris Third Wave DFS Fund

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About Us

Our Leadership

Development Partners

World Bank Group Annual Report
Strategic Priorities

Investing in Jobs

Mobilizing Private Capital
Accountability

Our Approach to Accountability
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our Products & Services
PRIORITY SECTORS

Agribusiness

Health

Infrastructure

Manufacturing

Tourism

ALL SECTORS
CROSS-CUTTING THEMES

Climate Business

Fragile & Conflict-Affected Situations

Gender

Sustainability
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation
RESULTS

World Bank Group Scorecard

Targets & Progress

Stories of Impact

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Funding Program & Investor Relations

Get in Touch

Summary of Investment Information

Project Number

51853

Company Name

CAURIS INVESTMENT MANAGEMENT, LLC

Date SPI Disclosed

Oct 15, 2026

Country

Africa Region

Region

Africa

Projected Board Date

Nov 30, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Oct 16, 2026

Department

Regional Industry - FIG Africa

Industry

Funds

Sector

Other Non-Private Equity Fund

Project Description

The proposed investment is an IFC own account investment of up to US$7.5 million in the senior debt tranche of a structured debt fund, the Cauris Finance’s Third Wave Fund LLC (or the Fund). IFC would invest the lower of 10% of the fund size or US$7.5 million, with the fund size subject to a hard cap of US$100 million, while ensuring it is not the largest lender. The proposed five-year loan will have an up to 48-month grace period, followed by a 12-month amortization period. The Fund’s senior debt tranche (60% of fund size) is protected by 40% subordination, comprising mezzanine debt (30% of fund size) and a catalytic first loss tranche (10% of fund size).

The Fund will leverage Cauris Investment Management, LLC (Cauris or the Fund Manager) proprietary technology to deliver senior financing to tech-enabled lenders operating in two high-growth verticals, namely mobility and MSMEs. The Fund will invest exclusively in Africa, including East, West, and Central Africa, and targets more than 25% of MSME investments to women-led enterprises.

Sponsor / Cost / Location

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to MSME (mix of Micro and SME)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Assessment of Project Outcomes - Stakeholder effects: Increased access to finance for MSMEs including WSMEs: Key target countries under the Project face significant MSME finance gaps. IFC will support Cauris to provide debt financing for fintechs located in African focus markets, which will on-lend to MSMEs and WMSMEs. Stakeholder effects: increased access to finance for individuals: Many creditworthy gig workers with stable income sources are largely excluded from traditional vehicle financing. Banks typically require formal employment, lengthy documentation, long processing times, and high collateral or down payments. The project is expected to support vehicle lease-to-own fintechs to extend loans serving entrepreneurs and gig-economy workers. This financing will enable them to access productive mobility assets. Contribution to Market Creation - Reflecting the global VC funding slowdown, African fintechs raised an estimated US$1.8bn in 2023, down c. 40% from 2022; in first half 2024, funding was down by 51%. Collectively, SSA, LAC, and MENA received 10% of global FinTech funding during 2020-23 but are projected to generate 15% of global fintech revenue by 2028. Investors often face limited visibility into the risk of these lenders given data constraints, especially the ones addressing underserved segments, which lead to unfavorable terms for the firms and ultimately end-borrowers. The Fund’s DeepDive platform tackles this challenge by improving asset transparency and helping investors make informed investment decisions and monitor investments. IFC anticipates the Project will promote competitiveness of Africa's fintech lending market via demonstration effects. By strengthening the MSME lending ecosystem, the project is expected to demonstrate the viability of fintech lending models for MSMEs and emobility sectors, attracting commercial lenders.

Financial Additionality: Financing structure: IFC investment in the fund will catalyze investments from other investors and DFIs, providing longer tenor, patient capital that is scarce in East and West Africa. This financing will enable fintechs to expand lending to SMEs and mobility businesses in underserved markets, including Kenya, Ghana, Uganda, Cote d’Ivoire, Rwanda, Tanzania, Senegal, and Cameroon. Non-Financial Additionality: Knowledge, innovation and capacity building: Beyond capital, IFC will add value through fund structuring expertise, ESG and impact management systems, and governance best practices, helping strengthen the fund’s capacity to assess and monitor environmental and social risks within its diverse SME portfolio. IFC's participation will also promote adoption of responsible lending standards and transparent client protection principles across invested fintechs, contributing to market deepening and financial inclusion.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, Individuals: (target group)	number		Not Available	Not Available	Not Available
Number of Outstanding Loans, MSMEs : (target group)	number		Not Available	Not Available	Not Available
Value of Outstanding Loans, Individuals: (target group)	$		Not Available	Not Available	Not Available
Value of Outstanding Loans, MSMEs : (target group)	$		Not Available	Not Available	Not Available
Board Composition - Total (#)	number		Not Available	Not Available	Not Available
Board Composition - Women (#)	individuals		Not Available	Not Available	Not Available
Investee - Direct Employment -Operations and Maintenance	number		Not Available	Not Available	Not Available
Investee - Direct Employment Female -Operations and Maintenance	number		Not Available	Not Available	Not Available
Investee - Number of Senior Management Positions (#)	number		Not Available	Not Available	Not Available
Investee - Number of Women in Senior Management	number		Not Available	Not Available	Not Available
Investee with female founders/co-founders	number		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project is classified as FI-2 according to IFC’s Sustainability Policy. The categorization is driven by the medium environmental and social (E&S) risk profile associated with the fund’s investment strategy of investing in fintech companies focused on SMEs and mobility entrepreneurs. The Fund will not support coal-related activities, non-RSPO palm oil, K12 education, high-risk double intermediation or Category A activities. The applicable E&S performance requirements for this Project include the IFC Exclusion List and relevant host country E&S laws and regulations, as well as IFC Performance Standards PS 1, 2 and 4.

The fund manager has an Environmental and Social Management System (ESMS) in place that was last updated in January 2026. The ESMS includes procedures to screen companies against its exclusion list, responsible lending and ESG factors. The ESMS identifies the type of risks according to the sectors of investment, articulates how E&S is integrated into the investment process, project risk categorization and roles and responsibilities. The fund has a dedicated ESG Director who is responsible for overseeing both impact and ESG. An established external communications and grievance mechanism also exists. The fund manager has an employee handbook in place, last updated June 2023, that outlines principles for the terms and conditions of employment and provided an internal grievance mechanism. The fund manager has established a GBV Policy and related governance measures that promote prevention, reporting, and response to GBV/SEAH risks across its operations and portfolio. Through its E&S management framework, the fund manager seeks to encourage investees to implement appropriate GBV/SEAH risk management measures consistent with applicable E&S requirements and good international industry practice.

The following gaps were identified during appraisal: (1) The need to undertake more detailed due diligence where direct sales representatives are directly involved in investees operations, and (2) Lack of a formalized mechanism through which the fund manager requires investees to close out identified E&S gaps; currently there is no formal ESAP or 100 day plan in place, and (3) GBV/SEAH risks are not explicitly operationalized within the fund manager's ESMS.

S.no	Title	Anticipated Completion Date
1	E&S Risk Assessment	06/30/2027
2	E&S Risk Assessment	12/01/2027
3	E&S Risk Assessment	06/30/2027
4	GBV	06/30/2027
5	GBV	09/30/2027
6	GBV	09/30/2027

Contacts

For Inquiries About the Project, Contact

Cauris Investment Management
Alexandre Liege
CEO
+15106403197
alex@caurisfinance.com
2648 International Boulevard, Oakland, CA 94601
https://www.caurisfinance.com/

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

Governance Risk Assessment

IFC's Role and Additionality

Development Results

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Financial Intermediary Sub-Project Disclosure

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer