MicroFinanza Rating

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).

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

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

• Inclusive finance ratings
• Microfinance credit ratings
• ESG assessments finance
• Client protection certification
• Social performance audits

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Core 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

Named customers20 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

18 partnerships are on record, tiered core and minor.

• European Investment Bank (EIB)coreStrategic or Co-development Partner · 1 January 2022EIB 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 & ManagementcoreImplementation/ SI/ Consulting Partner · 1 January 2022Frankfurt 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)coreStrategic or Co-development Partner · 1 January 2022MFR 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)coreStrategic or Co-development Partner · 1 January 2018AFD 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)coreStrategic or Co-development Partner · 1 January 2018LED (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)coreStrategic or Co-development Partner · 1 January 2018ADA 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 GroupcoreStrategic or Co-development Partner · 1 January 2018CDC 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)coreStrategic or Co-development Partner · 1 January 2018Sida co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
• CERISEcoreStrategic or Co-development Partner · 1 January 2018CERISE 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)coreStrategic or Co-development Partner · 1 January 2018SPTF 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)coreStrategic or Co-development Partner · 1 January 2018The 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 IndexcoreStrategic or Co-development Partner · 1 January 2018MIMOSA participates in the ATLAS platform with social performance data, contributing to the comprehensive validated dataset for financial inclusion benchmarking.
• BRS (BlueOrchard)minorStrategic or Co-development Partner · 1 January 2018BRS participates in the ATLAS platform with data, contributing to the comprehensive validated dataset for financial inclusion benchmarking.
• PPI (Progress out of Poverty Index)minorStrategic or Co-development Partner · 1 January 2018PPI (Grameen Foundation) participates in the ATLAS platform with poverty measurement data, contributing to the comprehensive validated dataset.
• European Microfinance Platform (e-MFP)coreStrategic or Co-development Partner · 1 January 2018MFR 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 MarketminorStrategic or Co-development Partner · 1 January 2018ATLAS 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 & DevelopmentcoreStrategic or Co-development Partner · 1 January 2018Luxembourg Aid & Development co-supported the creation of the ATLAS data platform, contributing to the data infrastructure for validated financial inclusion data.
• TrueliftcoreStrategic or Co-development Partner · 1 January 2018MFR 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

Broad 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

• Xx.com/microfinrating
• LinkedInlinkedin.com/company/mf-rating

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MicroFinanza Rating