The $150 million financing package will allow the bank to expand its financing to doctors and healthcare micro, small, and medium enterprises for working capital and purchase of medical equipment.

The move is expected to affect companies such as credit card issuer Nubank, payment company PagSeguro, financial technology solutions firm StoneCo and digital wallet PicPay.

The investment will increase Omni's capacity to assist their existing as well as new clients, thus supporting the private sector's recovery in the wake of the pandemic.

By focusing on the SMEs segment, including women-owned businesses, IFC aims to help close the existing financing gap for these two segments.

Creditas’ products and services will be available on Nubank’s app in Brazil by the end of this year.

The financing package consists of $130 million from IFC's own-account and a $270 million syndicated loan from a group of 10 banks.

Li told Reuters in an interview that in “traditional finance” investing in SMEs was rarely worthwhile for global institutions as the due diligence was difficult, risks were high and funding amounts small.

RecargaPay is a mobile payments platform and wallet for Brazil that is focused on simplifying everyday payments for banked and unbanked consumers in Brazil.

The annual survey on mobile payments showed 98 percent of respondents indicated mobile was their most commonly used payment method, up 5 percentage points from 2019.

The partnership aims to support the development of the distressed small and medium enterprises assets market in Brazil.