Our story

Driven by a shared belief

Cardano Development was founded in 2007 by Joost Zuidberg and Theo Kocken – driven by a shared belief that local-currency financing for financial markets plays a vital role in economic development in frontier markets.

2007

Joost Zuidberg

CEO

“At Cardano Development we brave the challenges of doing business in frontier markets. We combine our passion and expertise in risk management to develop new products and unlock new markets. Especially in areas where it has never been done before, our products make a difference and we have shown we can make things work.”

“Cardano Development combines an immensely entrepreneurial culture with a drive to deliver highly innovative and scalable financial risk management solutions that empower frontier economies. The connections and skills of our people to bring ideas from concept to reality are proven to have real world impact on local currency financing and financial market development. That is something our team is very proud of.”

Theo Kocken

Chairman

Our milestones

We’ve come a long way since 2007, with some key events under our belt.

Establishment of TCX in partnership with FMO and Cardano Risk. A fund hedging currency risks in frontier markets. TCX Management starts up, owned by FMO

2007

Establishment of JoDEA Incubator. A facility for innovative start-ups that deliver scalable market-shaping solutions in local currency and local financial markets.

2007

Cardano Risk acquires TCX Management and creates Cardano Development as a subsidiary.

2010

TCX Management sponsors the creation of DLM Finance. A unique infrastructure, back and mid-office support company.

2012

Separation into Stichting Cardano Development as a social venture.

2013

Establishment of Frontclear, a financial market development company providing guarantees to enhance interbanking collateralised trading in frontier economies.

2015

Take-over of GuarantCo management mandate. A credit solutions company enabling infrastructure development in lower income countries in frontier economies.

2016

Establishment of Water Finance Facility. A start-up mobilising domestic private capital to finance water and sanitation infrastructure in frontier economies.

2017

Establishment of BIX Capital. A fund specialising in scaling up finance for essential household products.

2018

Inception of ILX Project. An SDG targeted emerging market credit fund focused on emerging markets aiming to start operations in 2021.

2018

Inception of NASASA CD. A member-owned cooperative financial institution for low income group savers in South Africa, aiming to start operations in 2020.

2019

Inception of IMFact Project. A multi-country SME-focused fintech initiative, using invoice financing to provide working capital to formal and semi-formal SMEs, aiming to start operations in 2020.

2019

Establishment of AGRI3 Fund. A local currency guarantee fund to enhance high-impact agricultural loans provided by Rabobank and other banks.

2020

Our Values

Our values are important to us. They are not just a set of words on paper, we truly live them, they are the root of our business and help create and maintain an inclusive culture.

Pioneering

We think differently to develop innovative solutions.

Collaborative

We work together to make an impact.

Persevering

We don’t easily give up.