MicroFinanza Rating
MicroFinanza Rating is a global rating agency providing third-party ratings, certifications, and assessments of social performance, client protection, ESG, and credit risk for financial service providers, investors, and regulators across 110+ emerging-market countries.
- Company typePrivate
- Founded2000
- HeadquartersMilan, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
What MicroFinanza Rating does
MicroFinanza Rating S.r.l. (MFR) is a privately held Italian rating agency, founded in 2000 and independent since 2006, specializing in inclusive and sustainable finance. The company delivers third-party ratings, certifications, assessments, and training to financial service providers, investors, regulators, and development agencies across 110+ countries, with regional and national offices on four continents (Italy, Ecuador, Kenya, Kyrgyz Republic, India, Bolivia, Mexico, Peru, Philippines). MFR holds >70% global market share among specialized rating agencies in inclusive finance (2014-2021) and has completed more than 2,800 evaluations to date.
The core product portfolio spans Social & Environmental Ratings, Institutional Ratings, Credit Ratings, MIV Ratings, Islamic Finance Ratings, Client Protection Certifications (Bronze/Silver/Gold), Digital Client Protection Certifications, European Code of Good Conduct Evaluations, Truelift Assessments, Impact Assessments, ESG Assessments, Consumer Protection Assessments (GOGLA-accredited), SPI4/SPI4 ALINUS Audits, Due Diligence, Country Studies, Loan Portfolio Audits, and Client Surveys. MFR co-developed the CERISE-SPTF Client Protection Certification methodology, is the first GSMA-accredited Mobile Money Certification assessor, the sole GOGLA-accredited Consumer Protection assessor for off-grid solar, and serves as project manager for Truelift since 2012. The proprietary ATLAS data platform aggregates 70,000+ validated datapoints across 600 FSPs and 70 countries, integrating inputs from Cerise, MIMOSA, BRS, and PPI.
MFR's revenue model is professional-services based with quote-based pricing tied to service type, institution size, geography, and complexity. Revenue streams are diversified across ratings, certifications, assessments, training, data (ATLAS), and project-based contracts (notably SIFTA under EIB/InvestEU). The company is privately held, with no disclosed funding rounds, and operates with 11-50 employees. Distribution is direct via regional offices and channel partnerships with development finance institutions (EIB, AFD, KfW, CDC, Sida, Luxembourg Aid & Development) and sector bodies (Smart Campaign, GSMA, GOGLA, CERISE, SPTF).
MicroFinanza Rating firmographics
Firmographics- Name
- MicroFinanza Rating
- Legal name
- MicroFinanza Rating S.r.l.
- Website
- https://mf-rating.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- MicroFinanza Rating is a global rating agency providing third-party ratings, certifications, and assessments of social performance, client protection, ESG, and credit risk for financial service providers, investors, and regulators across 110+ emerging-market countries.
- Ownership category
- akta.pro rank
MicroFinanza Rating industry classification
Industry- Product category
- Inclusive Finance Rating Services
- NAICS
- Portfolio Management and Investment Advice (523940)
- akta.pro primary industry
- Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM)
- akta.pro secondary industries
- Microloans & Working Capital Loans (FSAKAGAA), Structured Finance Ratings & Surveillance (FSACACAI), SME Credit Underwriting, Scoring & Risk Analytics (FSAKAGAL)
Keywords
Where MicroFinanza Rating is headquartered
LocationHeadquarters
- HQ city
- Milan
- HQ country
- Italy
- HQ region
- Europe
Offices9 records
Markets served
MicroFinanza Rating business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Rating Services: MFR provides Social & Environmental Ratings, Institutional Ratings, Credit Ratings, Islamic Finance Ratings, and MIV (Microfinance Investment Vehicle) Ratings. Ratings are third-party evaluations used by financial institutions, investors, and regulators for benchmarking, investment decisions, and regulatory compliance.
- Certification Services: MFR conducts Client Protection Certifications, Digital Client Protection Certifications, European Code of Good Conduct Evaluations, Truelift Assessments, GSMA Mobile Money Certification, and SPI4/SPI4 ALINUS Audits. Certifications provide third-party validation of compliance with industry standards and best practices.
- Assessments: MFR offers Impact Assessments, Consumer Protection Assessments, ESG Assessments, Due Diligence services, Country Studies, Loan Portfolio Audits, Client Surveys and Focus Group Discussions, and Institutional Diagnostics. These assessments serve investors, regulators, and financial institutions seeking independent evaluation.
- Training Services: MFR develops and delivers training modules for diverse stakeholders including financial service providers, investors, networks, development agencies, apex bodies, and universities. Training is available in English, French, and Spanish, with duration from half-day to 2-day modules. MFR has conducted over 90 trainings in 30 countries and provides training at the Boulder Microfinance Institute since 2008.
- ATLAS Data Platform: ATLAS is a validated data platform providing access to APR, SPI4, client protection, and financial data from rating agencies and data providers including Cerise, MIMOSA, and others. The platform covers 70,000 datapoints, 600 FSPs, and 70 countries. Created with support from AFD, LED, Luxembourg Aid & Development, ADA, CDC Group, and Sida.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
MicroFinanza Rating product offering
Product offeringCore offering
MicroFinanza Rating is a global rating agency providing independent third-party ratings, certifications, and assessments of financial service providers operating in inclusive and sustainable finance. The firm evaluates microfinance institutions, banks, NBFIs, and off-grid solar companies across 110+ countries on dimensions including social performance, client protection, institutional viability, creditworthiness, ESG practices, and impact. Supporting services include training modules delivered to financial institutions, investors, and development agencies, and the ATLAS validated data platform aggregating pricing (APR), SPI4 social performance, client protection, and financial data across 600+ FSPs.
Product overview
MicroFinanza Rating (MFR) is a global rating agency providing assessments, certifications, data, and technical expertise for the sustainable finance industry. The company operates a multi-product portfolio organized around four service categories: Ratings (Social & Environmental Rating, Institutional Rating, Credit Rating, MIV Rating, Islamic Finance Rating), Certifications (Client Protection Certification, Digital Client Protection Certification, European Code of Good Conduct Evaluation, Truelift Assessment, GSMA Mobile Money Certification), Assessments (Impact Assessment, ESG Assessment, Consumer Protection Assessment, Due Diligence, Country Study, Loan Portfolio Audit, Client Survey, Institutional Diagnostic, Second Party Opinion), and a proprietary Data Platform (ATLAS). Supporting services include Training and the SIFTA project. MFR serves financial service providers, investors, regulators, and development agencies across 110+ countries with operations in Europe, Latin America, Africa, and Asia.
Differentiator
Problem solved
Functional benefit
Products and services
- Social & Environmental Rating Expert opinion on the social performance management of a financial service provider and its capacity to put its mission into practice and achieve its social objectives, aligned with Social Performance Task Force and Smart Campaign standards.
- Institutional Rating Opinion on the long-term viability of a Financial Service Provider through evaluation based on internal processes, risk management, governance, management, systems and controls, and financial performance.
- Credit Rating Opinion on the capacity of regulated financial service providers to manage risks and short-term solvency to meet financial obligations. Available in Ecuador and Bolivia under MFR's regulatory licensing.
- MIV Rating
Quantifiable outcome
- MFR achieved >70% global market share in inclusive finance ratings and certifications from 2014 to 2021
- +2 more outcomes
Companies that use MicroFinanza Rating
Customer profileNamed customers20 records
Segments4 records
Ideal customer profiles4 records
MicroFinanza Rating technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
MicroFinanza Rating partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core and minor.
- European Investment Bank (EIB)coreEIB manages the SIFTA (Social Inclusive Finance Technical Assistance) program under the InvestEU Advisory Hub, funded by the European Union. MFR was contracted by EIB as the main evaluator to perform European Code of Good Conduct evaluations, Institutional Assessments, ESG Assessments, Institutional Ratings, and Impact Assessments under SIFTA.
- Frankfurt School of Finance & ManagementcoreFrankfurt School of Finance & Management gGmbH Consortium is the TA service provider under the SIFTA program. MFR delivers evaluations to beneficiary institutions, with Frankfurt School managing the overall TA program.
- GOGLA (Global Off-Grid Lighting Association)coreMFR is the sole assessment company accredited by GOGLA to conduct Consumer Protection Third Party Assessments of off-grid solar companies. GOGLA is the global association for the off-grid solar energy industry. MFR co-authored the article 'Assessing consumer protection performance from a third-party perspective' with GOGLA.
- Agence Française de Développement (AFD)coreAFD supported the creation and development of the ATLAS data platform — a validated data repository on FSPs' pricing (APR), client protection, SPI4, and financial data. AFD's backing as a major development finance institution provides credibility and co-development of the platform.
- LED (Luxembourg Development)coreLED (Luxembourg Aid & Development) co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
- ADA (Appui au Développement Autonome)coreADA co-supported the creation of the ATLAS data platform. ADA is also a rating fund evaluator (Rating Initiative) that has approved MFR as an evaluator.
- CDC GroupcoreCDC Group co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
- Sida (Swedish International Development Cooperation Agency)coreSida co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
- CERISEcoreCERISE participates in the ATLAS platform with SPI4 data and is a key methodological partner. MFR analysts are qualified by CERISE to conduct SPI4 and SPI4 ALINUS audits. CERISE co-developed the Client Protection Certification framework with MFR and the Smart Campaign.
- Social Performance Task Force (SPTF)coreSPTF participates in the ATLAS platform and is a key methodological partner. MFR's Business Development Director Lucia Spaggiari serves on the e-MFP Investors Action Group and collaborated on SPTF's investor guidelines on outcome management (2016) and the SME finance version of Universal Standards (2018). MFR is on the SPTF Board of Directors (2015-2018).
- Smart Campaign (Center for Financial Inclusion)coreThe Smart Campaign participates in the ATLAS platform with client protection data. MFR is accredited by the Smart Campaign for Client Protection Certifications and co-developed the new CERISE-SPTF Client Protection Certification methodology. MFR sits on the Certification Bodies Committee.
- MIMOSA IndexcoreMIMOSA participates in the ATLAS platform with social performance data, contributing to the comprehensive validated dataset for financial inclusion benchmarking.
- BRS (BlueOrchard)minorBRS participates in the ATLAS platform with data, contributing to the comprehensive validated dataset for financial inclusion benchmarking.
- PPI (Progress out of Poverty Index)minorPPI (Grameen Foundation) participates in the ATLAS platform with poverty measurement data, contributing to the comprehensive validated dataset.
- European Microfinance Platform (e-MFP)coreMFR collaborated with e-MFP and SPTF on the Guidelines for Outcomes Management for Investors (2016) and the Assessment of Sustainable Performance of SME Finance Institutions (2018). MFR's Lucia Spaggiari coordinates the e-MFP Investors Action Group.
- MIX MarketminorATLAS and MIX datasets are compatible as they use the same Financial Service Provider IDs. The MIX dataset was transferred to the World Bank's Data Catalogue and is publicly available.
- Luxembourg Aid & DevelopmentcoreLuxembourg Aid & Development co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
- TrueliftcoreMFR has been the project manager for Truelift since 2012. Truelift is a global initiative advocating for accountability in pro-poor development, serving as a trust mark in microfinance and social business forms. MFR manages the Truelift assessment process and milestones (Pro-Poor Seal of Excellence).
Scale indicators6 records
Recent moves7 records
Expansion highlights12 records
MicroFinanza Rating competitors and assessment
Company assessmentBroad incumbents
- ICRA Limited: ICRA is an India-based rating and advisory firm with established microfinance and SME-finance rating businesses, the most relevant broad-incumbent peer for MFR's South Asia and emerging-market operations.
- Fitch Ratings: Fitch Ratings is a top-tier global rating agency with explicit ESG and microfinance coverage, representing the broad-incumbent alternative whose expansion into sustainable finance directly contests MFR's specialty.
- CRISIL Limited: CRISIL is an India-headquartered rating agency with significant microfinance and SME-finance rating exposure and a large investor-research footprint, serving comparable rating buyers with broader portfolio and methodology offerings.
- S&P Global Ratings: S&P Global Ratings is a major global rating agency with a growing sustainable finance franchise, competing with MFR at the upper end of the rating value chain and serving many of the same institutional investors.
- Moody's: Moody's is the largest global credit rating agency and increasingly active in ESG and microfinance/SRI ratings, providing the broad incumbent benchmark for institutional credibility, methodology, and licensure that MFR operates against.
Direct peers
- Planet Rating: Planet Rating is a France-headquartered microfinance rating agency that issues social, institutional, and financial ratings to MFIs and investors worldwide — the closest 1:1 competitor to MFR in the inclusive finance rating niche.
- M-CRIL (Microfinance Credit Rating Agency): M-CRIL is an India-based credit rating agency dedicated to microfinance institutions, offering financial and social ratings in line with the same global standards MFR serves — directly comparable on product mix and customer base.
- Symbiotics: Symbiotics provides MIV ratings, ESG assessments, and investment vehicle evaluations across emerging and frontier markets, overlapping MFR's MIV Rating, Due Diligence, and ESG Assessment products for impact investors.
Others
- BlueOrchard Finance: BlueOrchard is a leading impact investment manager with proprietary data and analytics on MIVs and inclusive finance portfolios — an adjacent ecosystem player that both partners with MFR and competes as a data provider to investors evaluating FSPs.
Emerging players
- 60 Decibels: 60 Decibels is an impact-measurement and customer-insight firm that benchmarks social performance for financial services and off-grid energy clients — an emerging alternative to traditional MFR field-based ratings using leaner, mobile-survey methodologies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
MicroFinanza Rating social profiles
Digital presenceMicroFinanza Rating compliance and trust
Trust signalCompliance11 records
MicroFinanza Rating financial estimates
Financial estimateRevenue estimate
Valuation estimate
MicroFinanza Rating leadership team
Management profileNumber of profiles
Profiles2 records
MicroFinanza Rating funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MicroFinanza Rating M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MicroFinanza Rating
What does MicroFinanza Rating do?
MicroFinanza Rating is a global rating agency providing independent third-party ratings, certifications, and assessments of financial service providers operating in inclusive and sustainable finance. The firm evaluates microfinance institutions, banks, NBFIs, and off-grid solar companies across 110+ countries on dimensions including social performance, client protection, institutional viability, creditworthiness, ESG practices, and impact. Supporting services include training modules delivered to financial institutions, investors, and development agencies, and the ATLAS validated data platform aggregating pricing (APR), SPI4 social performance, client protection, and financial data across 600+ FSPs.
Is MicroFinanza Rating a public or private company?
MicroFinanza Rating is a private company. It is classified as unknown and is currently operating.
When was MicroFinanza Rating founded?
MicroFinanza Rating was founded in 2000. It employs 11 to 50 people.
Where is MicroFinanza Rating based?
MicroFinanza Rating is headquartered in Milan, Italy, in the Europe region.
How does MicroFinanza Rating make money?
Five revenue lines are on record. Rating Services are the primary driver. The others are certification Services, assessments, training Services and ATLAS Data Platform.
Who are MicroFinanza Rating's main competitors?
Broad incumbents on record are ICRA Limited, Fitch Ratings, CRISIL Limited, S&P Global Ratings and Moody's. Direct peers are Planet Rating, M-CRIL (Microfinance Credit Rating Agency) and Symbiotics. BlueOrchard Finance is listed as an others. 60 Decibels is listed as an emerging player.
Does MicroFinanza Rating have an API?
No public API is recorded for MicroFinanza Rating.
What industry is MicroFinanza Rating in?
MicroFinanza Rating's product category is Inclusive Finance Rating Services. Its primary akta.pro industry code is BPAGABAM, Microfinance, Financial Inclusion & Inclusive Markets, with a secondary code of FSAKAGAA, Microloans & Working Capital Loans. Its NAICS code is 523940.