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Nuveen Invests in Peruvian Financial Payment Leader, GloboKasNet

Investment, in partnership with Maj Invest Financial Inclusion Fund III (MIFIF III), to support the expansion of basic financial services for Peru’s underbanked and low-income population

Nuveen, a leading global investment manager with over $1.2 trillion of assets under management, announced today that the Nuveen Global Impact Strategy has closed an investment in GloboKasNet (GKN), a multi-bank payment network that supports low-income communities in Peru. The investment was made alongside Maj Invest Financial Inclusion Fund III (MIFIF III), a Danish financial inclusion investor.

Since its founding in 2007, GKN has played an integral role in expanding access to basic financial services for Peru’s underbanked and low-income population. The company manages the country’s largest multi-bank correspondent agent network by connecting financial institutions and service providers with end-clients through the distribution of banking technology to “agents”, or small business owners. GKN now has over 14,000 active agents that are expanding access to financial products for 2.6 million low-income end users based in underserved communities where financial institutions have little to no physical presence.

“As close followers of GKN’s efforts throughout the years, we could not be more excited to support the company’s leadership and growth alongside MIFIF III,” said Radhika Shroff, Managing Director, Private Equity Impact Investing, Nuveen. “Expanding access to critical financial services, coupled with the support of entrepreneurship among small-businesses in low-income areas, will have a lasting impact on the local economy and play an integral role in financial equality more broadly.”

Nuveen and MIFIF III will leverage its expertise as global fintech investors to support GKN’s pan-regional expansion as well as the growth of the overall business through new products and services, such as credit leads, payment options and SaaS models, allowing the platform to better serve and reach a wider client base. As part of the investment, Nuveen and MIFIF III will each obtain two seats on the company’s board of directors. The partners have previously worked together to support the growth of agent networks in India.

“GKN plays a critical role in the development of the infrastructure of the Peruvian financial system,” commented Kasper Svarrer, Managing Partner, MIFIF III. “By connecting end users – typically underserved clients in rural areas – with microfinance institutions and banks through a wide network of small, entrepreneurial businesses, they help build the financial eco-system of these communities. GKN plays a key role in the expansion of the financial inclusion frontier. MIFIF III, co-investing with the excellent team at Nuveen, seeks to support GKN and its legacy for a more financially inclusive world,”

“The entry of Nuveen and MIFIF III as shareholders marks an exciting milestone in GKN’s development,” said Gino Picasso, CEO and Founder, GKN. “Building on the existing success of GKN, we plan to combine the talent of our team, led by Juan Jose Marthans and Yang Chang, with the extensive resources, know-how and global expertise of the new shareholders to expand the scope of services and the geographies we serve, while maintaining the highest standards of quality and safety that characterize GKN.”

Nuveen is a pioneer in global impact investing with its first investment in this discipline dating back to the 1980s. The firm has since invested approximately $600 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages over $5.8 billion across all of its public and private markets impact investing strategies.

In February 2022, Nuveen announced the final close of the Nuveen Global Impact Strategy , the firm’s first global private equity impact platform. The strategy targets investments that enable disruptive businesses to reduce waste and use resources in a circular manner, improving energy efficiency and reducing emissions. In addition, the strategy targets investments that expand access to and reduce the cost of basic products and services for underserved consumers. To learn more about Nuveen’s Global Impact Strategy, please click here.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Mar 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit

About Maj Invest

The Maj Invest group was founded in 2005 and is owned by management and staff. The Maj Invest group engages in two main business activities, Asset Management and Private Equity which both primarily provide services to institutional investors and major clients in Denmark and abroad. The Maj Invest group has USD 18bn in assets under management and more than 100 employees.

For almost a decade, the Maj Invest group has been managing private equity funds investing in the financial inclusion sector. Maj Invest Financial Inclusion Fund III (MIFIF III), is a sector-focused private equity fund investing with growth equity in the top segment of financial institutions, providing financial services to the large client group below the middle class in selected countries in Latin America, Asia and Africa

About GloboKasNet

GTV GlobokasNet LLC, through its wholly owned subsidiary, Globokas Peru S.A. (GKN), manage the largest correspondent agent network in the Peru, with more than 15 years of experience and thousands of service points in the country.

GKN’s correspondent agent network operates with the most important banks, finance companies, municipal savings banks and service companies in Peru. This allows it to offer the most complete and robust financial services in Peru, readily accessible to every citizen in Peru.

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