In 2024, the financial inclusion organization Crystal raised financial resources worth $ 90 million from local and international financial institutions, thereby exceeding the same figure for 2023 by $ 12 million.
Among the international partners, in 2024, Crystal raised funding from the reputable and large financial institutions such as BlueOrchard Finance Ltd, responsAbility Investment AG, Bank im Bistum Essen eG, Triple Jump B.V., the Dutch Entrepreneurial Development Bank (FMO), the French Development Agency (Proparco), Kiva, Developing World Markets (DWM) and Symbiotics Asset Management SA.
The obtained facilities will be channeled into various strategic and critical areas of the company, including supporting SMEs, micro-entrepreneurs, women, youth and farmers with innovative financial services, encouraging renewable and energy efficient solutions, increasing access to finances, and diversifying products.
Notably, due to increased access to foreign capital, new credit resources, and continued cooperation, Fitch Ratings upgraded Crystal’s long-term outlook (IDR) in 2024, raising its credit rating by 2 notches, and assigning ‘B’ with stable outlook.
„Steady access to financial resources, continued and deepened cooperation with highly reputable financial institutions – it all has once again positioned Crystal as a reliable, result-driven company and a stable partner. It will have a positive impact not only on our sustainable development, but also on the advancement of production and overall economy in our country,“ said Ilia Revia, Chief Executive Officer of Crystal.
The company will further continue to work intensively with local and international financial institutions to secure funding in 2025.
About Crystal
On 12 February 2025, Crystal received a microbank license from the National Bank of Georgia.
Before obtaining a microbank license, the company operated in the Georgian financial market as a microfinance organization. Crystal meets the license with the loan portfolio of GEL 532 million, more than 1,000 members of staff in 48 branches and over 100,000 unique customers across the country.
The history of Crystal dates back to 1998, when internally displaced persons from Abkhazia founded a local non-profit organization – the Charity Humanitarian Center “Abkhazeti” and launched a pilot micro-lending program. The fund’s debt capital at that time was just USD 10,000. Over the course of almost 27 years, the organization has gone through a long journey, replete with challenges and achievements.