Who We Are
Finance in Motion is one of the world’s leading impact asset managers. Focusing exclusively on development finance, we have mobilized over EUR 5 billion for positive change in low and middle-income countries over the course of our operations.
Our Mission
We harness the power of finance to make a positive difference for people and planet. As an impact asset manager, we responsibly invest public and private capital where it is needed to address the world’s social and environmental challenges.
We believe that economic returns go hand-in-hand with positive social and environmental results. To this end, we develop and advise impact investment funds that focus on small business development, energy and resource efficiency, conservation of biodiversity, and climate action.
Our Impact Investment Funds
| MSME Finance | Green Finance |
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Facts and Figures
Established in
2009
Worldwide
offices
17
Total staff
220+
Funds advised
5
Assets under
Management
More than
EUR 2.5
billion
Investments to date
More than
EUR 5
billion
Investment countries
36
Investee Companies
149
What Makes Us Special
Blended finance structures for amplified capacity
Our impact funds pioneered the “public-private partnership” model. This structure enables public monies to mobilize funding from private investors for development.
Local expertise for international reach
Finance in Motion’s highly international staff operate from 17 offices around the world. Our local professionals have on-the-ground knowledge of regional market needs.
Comprehensive offering of diverse financial instruments for various needs
Our investment team is adept at deploying the full suite of financial instruments available in order to cover a broad range of needs – from senior debt to equity, from loan capital for ongoing operations to enabling greenfield investments.
Holistic approach for enduring results
We mobilize more than just capital. Our customized technical assistance helps anchor and multiply impact by enhancing the conditions that foster development. Through thought leadership and engagement in peer associations, we build the impact investment market and are constantly seeking new opportunities to make finance a force for good.
Impact management for mission assurance
We want our efforts to deliver tangible results, and implement strict monitoring to ensure that our impact investments are doing their job. We regularly analyze our investments’ development performance and commission independent impact studies.
Walking the talk
Alongside the impact funds, Finance in Motion is also involved in advancing positive change through direct equity investments.
Our Commitments
Finance in Motion is a leader in impact investing. We are committed to sustainable and responsible finance and collaborate with other key players in the field to develop the impact investing market. To this end, we are active in the following:
Our Supervisory Board
Dörte Höppner
Member of the Supervisory Board
Dörte is the Chief Operating Officer at The Riverside Europe Fund, which invests in the European small cap mid-market. She joined Riverside in 2017 with extensive experience in European private equity. At Riverside, Dörte serves a multifaceted role to lead initiatives in Europe and work closely with Riverside’s global Fund Administration, HR and Investor Relations teams. Dörte came to Riverside from P+P, a leading German law firm. Prior to that, she was Chief Executive and Secretary General at Invest Europe (formerly EVCA) and Managing Director at the German Private Equity and Venture Capital Association (BVK). She began her career as a TV journalist and in financial communications. Dörte earned her diploma in Economics from the Freie Universität Berlin.
Michael Phillips
Chairman of the Supervisory Board
Michael Phillips is founder and lead partner of Castik Capital Sarl, a Luxembourg based private equity firm specializing on mid-size buyouts. Until 2014, he spent 22 years at Apax Partners, where he was a member of the Executive Committee as well as the Investment and Approval Committees. Michael also was co-Head of the Financial and Business Services Sector. Prior to Apax, Michael spent three years at OTTO Holding Ltd. in Cologne, as the General Manager of an operations subsidiary and four years at Ciba-Geigy Canada, as an Engineer in their Plastics Additives Division. Michael holds a BS in Engineering Chemistry from Queen’s University and an MBA from INSEAD.
Georg Sticher
Member of the Supervisory Board
Georg Sticher has been a Senior Advisor to Boston Consulting Group since July 2020 after having spent 30 years with the company. During his time with BCG he was elected to Partner in 1997 and served as Office Administrator of the Munich office and leader of the global automotive sector. Prior to BCG, Georg worked for Behrens de Venezuela as Assistant Sales Manager in Caracas. Georg holds a Dipl.-Betriebswirt from the European Business School and an MBA from INSEAD.
Our Management Team
Executive Management
Christoph Freytag
Managing Director
Christoph leads core business support areas such as Finance, Fund Operations, Legal, Compliance, and IT. Christoph spent over 20 years championing inclusive banking and development finance in emerging markets. He has led institution building operations in Russia, Bulgaria, and Serbia; served as Managing Director of IPC; and became the first Managing Director of ProCredit Bank Germany in 2012. He joined the team of Managing Directors at Finance in Motion in 2018. Christoph is certified banker and graduated (M.A.) in economics from the Frankfurt University.
Elvira Lefting
Managing Director
Elvira manages debt investments, technical assistance operations, and the company’s regional offices. She has devoted her career exclusively to development finance, combining financial sector development with the objectives of small business growth, housing improvement and the green and sustainable economy. Elvira started her professional career in 1998 in Russia at German development consultancy IPC before moving to the EBRD, the China Development Bank and then KfW Development Bank. In early 2010 she was appointed Managing Director at Finance in Motion. Elvira holds an M.A. in Slavic Studies from Heidelberg University.
Sylvia Wisniwski
Managing Director
Sylvia oversees risk management, strategy, and planning, along with Finance in Motion’s Luxembourg branch. She has more than 25 years’ experience in development finance in over 30 countries and started her career at the German International Cooperation (GIZ). She has worked as a consultant for international organizations and held various management positions at consulting companies and asset managers before her appointment as Managing Director at Finance in Motion in 2010. Sylvia holds both an M.A. in Political Science and Sociology and an MBA from Tübingen University as well as an M.A. in International Studies from the University of Miami, Florida.
Senior Advisor
Florian Meister
Senior Advisor
Florian is a co-founder of Finance in Motion and worked as Managing Director for eleven years, until moving into his Senior Advisor role at the beginning of 2021. Florian’s career began in M&A at Wasserstein Perella in New York in 1989 before working at several investment banks in Germany. In 2005, he advised on the inception of EFSE and later became CFO to the Fund Advisor. Florian holds an MBA from INSEAD, Fontainebleau, and a B.A. in Economics and Political Science from Swarthmore College, Philadelphia. He also runs an ecological mountain farm in South Tyrol that makes cheese.
Compliance & BPM
Daniela Durdel
Manager
Davina Krumbholz
Manager
Michael Seufert
Manager
Project Finance
Chad Canfield
Director
External Relations
Milena Bertram
Director
Milena is responsible for External Relations at Finance in Motion. Previously, she co-headed the SANAD investment team, with a focus on Northern Africa. She also built up the technical assistance facilities for a number of funds advised by Finance in Motion. Before joining the company, Milena gained experience with capacity building for banks and microfinance institutions as a Project Manager for a development finance consulting firm. Milena holds a master's degree in Political Science, Economics and History from the University of Cologne.
Finance & Accounting
Amena Hassani
Manager
Klaus Niesik
Director
Klaus Niesik is responsible for the financials of Finance in Motion including budgets, planning, financial statements and taxes. He is also compliance and anti-money-laundering officer. After studying Economics at the University of Applied Sciences in Wiesbaden, Mr.Niesik started his professional career at Kraftanlagen AG. In 1992 he moved to the Frankfurt School of Finance & Management (former Bankakademie) where he got promoted to Financial Director. Before joining Finance in Motion in 2009, Mr. Niesik worked at the European Business School (EBS).
Fund Operations
Harry Liedtke
Manager
Human Resources
Thomas Zahay
Director
Tom is responsible for global Human Resources at Finance in Motion. Before joining the company in 2018, he spent 25 years developing and leading international HR teams in the internet, software and IT sectors. Tom holds a Bachelor’s degree in Communication from Arizona State University and a certificate in Organizational Transformation from Duke University.
Impact & Sustainability
Milena Bertram
Director
Milena is heading Finance in Motion’s Impact and Sustainability unit. In the past, she has gained first-hand investment experience, having co-headed the SANAD investment team, with a focus on Northern Africa. She also built up the technical assistance facilities for a number of funds advised by Finance in Motion. Before joining the company, Milena gained experience with capacity building for banks and microfinance institutions as a Project Manager for a development finance consulting firm. Milena holds a master's degree in Political Science, Economics and History from the University of Cologne.
Sarah Hessel
Manager
Nadine Kruschbersky
Manager
Investment Management Debt
Aleksander Stojkov
Manager
Sandra Abella
Director
Sandra Abella directs the regional operations of Finance in Motion in Latin America and the Caribbean, particularly for the eco.business Fund. A finance and banking expert with 20 years of experience in investment and advisory services, Sandra specializes in green finance, financial inclusion, distribution channel development, credit and risk analysis, and mobile finance. She received her Master’s degree from the University of Sydney and her B.A. from the Universidad Externado de Colombia.
Federico Sinisterra
Management
Mario Torres
Manager
Mohamed Emad Eldin Aly Morsy
Manager
Oxana Binzaru
Regional Director
Oxana manages the investment activities of the European Fund for Southeast Europe and the Green for Growth Fund in the European Eastern Neighbourhood Region and Romania. Oxana has more than 15 years of experience in banking, portfolio management, debt structuring and financial institutions due diligence. Before joining Finance in Motion, Oxana worked for the National Bank of Moldova in the Banking Regulation and Supervision Department. She holds a degree in banking and finance.
Jasminka Begert
Director
Prior to joining Finance in Motion Jasminka worked for the Central Bank of Bosnia and Herzegovina in foreign currency reserves management and for the Bosnia and Herzegovinan KfW office as a Banking Sector Analyst and Risk Manager for the EFBH fund. Since 2005 she has worked on coordinating the EFSE’s investment and risk management activities. She holds a Master of Arts in Economics from the Central European University (Essex, UK / Budapest, Hungary).
Lachlan Cameron
Director
Lachlan is responsible for support to green asset origination and mandate development as part of the Investment Management team. He has over a decade of experience as an energy and climate finance expert in emerging markets, as well as prior experience in the renewable energy and automotive development sectors. He holds a masters in sustainable energy and degrees in mechanical engineering and physics.
Maxine Chehab
Manager
Maja Gizdić
Director
Maja works as a director responsible for the entire GGF investment portfolio in all countries and for the EFSE investment activities in Bulgaria, Croatia, North Macedonia, Montenegro, Serbia and Turkey. Maja has more than 14 years of experience in development finance in Southeast Europe, Caucasus and the MENA region. In 2008 she joined the advisory team of the EFSE, moving on to Finance in Motion in 2009.
Maja Mehmedovic
Manager
Jaspreet Stamm
Director
Jaspreet oversees the eco.business Fund sub-Saharan Africa sub-fund and has strong expertise in development finance, especially related to biodiversity/conservation finance and climate smart agriculture. She previously worked on funds covering Latin America as well as the Middle East and North Africa. Prior to Finance in Motion, she was at the Inter-American Development Bank, where she focused on providing credit lines for ‘green lending’ at private sector financial institutions. Jaspreet holds an MSc in Local Economic Development from the London School of Economics.
Diego Stapff
Director
Diego is the director of Finance in Motion’s operations in Strategy and Planning, Treasury, and Monitoring and Reporting. Previously, he played a key role in the establishment of the eco.business Fund and ran asset-liability management, planning, and product development for the EFSE fund. He started his career as a member of the team managing development funds at the Frankfurt School of Finance & Management. Diego studied economics at Universidad de la República in Uruguay and holds a masters’ degree in International and Development Economics from the University of Applied Sciences, Berlin.
Lloyd Stevens
Director
With 20 years experience in banking and development finance, Lloyd now heads the GGF team. Lloyd began his career with Dresdner Bank and moved into development finance in 2001. Before joining Finance in Motion he was team leader for the pre-closing stage of the Regional MSME Investment Fund for Sub-Saharan Africa and a freelance consultant. Lloyd holds a Masters in International Management from the Thunderbird School of Global Management and a bachelors in Economics and German literature from the Vanderbilt University.
Jacob Ole Nestingen
Manager
Iveta Tancheva-Nikolova
Director
Iveta is currently responsible for the SANAD Equity Sub-Fund II and previously oversaw the investment portfolios for the EFSE and GGF funds in the South Caucuses. She joint Finance in Motion in 2012 after spending 10 years in M&A and capital markets at HSBC and ING Barings in London. Iveta helped emerging market companies in raising capital, she also advised clients in the financial services sector. Iveta holds an MBA from the Weatherhead School of Management (US) and the CEU in Budapest.
Borislav Kostadinov
Director
Boro is an accomplished banking expert with over 20 years’ experience in the financial industry and heads the GGF team. Prior to joining Finance in Motion, Boro was CEO of the ProCredit banking group and several ProCredit subsidiaries. He led the pioneering green finance strategy of ProCredit and has first-hand experience in introducing and expanding green finance. Now as a Fund Director for the GGF, Boro is pursuing his passion for sustainable development and green finance, but with a desire to create impact on a much larger scale. He holds an MBA degree from Sofia University.
Oguz Bardak
Manager
Burcu Karpuz
Regional Director
Burcu works as an Investment Manager for Turkey and also heads Finance in Motion’s office in Istanbul. Burcu has more than 15 years of experience in correspondent banking, trade finance and structured finance focusing on relations with financial institutions and developing trade finance facilities. Before joining Finance in Motion she was working for DenizBank as Department Head of Financial Institutions. She holds a degree in political science and public administration and has MsC in International Finance.
Andrii Stoliar
Manager
Fredrick Kioko Kitenge
Manager
René Medrano
Manager
Vanja Cico
Manager
Mejra Juzbašić
Regional Director
Mejra manages the Southeast European investment and technical assistance portfolios of the European Fund for Southeast Europe and the Green for Growth Fund. Mejra has more than 17 years of experience in banking and microfinance in Southeast Europe, the Caucasus, and the Middle East and North Africa, and she also oversees operations at the Finance in Motion office in Sarajevo. Before joining Finance in Motion, Mejra was a Senior Auditor for Deloitte, and she previously worked on the restructuring and sale of the Privredna Banka Sarajevo Group, a project led by International Finance Corporation and the Bank Privatization Unit in the Federation of Bosnia and Herzegovina. She holds an MA in Economics from Bowling Green State University, and a BA in Business Administration from Bluffton College, both of which are based in the United States of America.
Dragan Spirovski
Manager
Investment Management Equity
Mathias Dittrich
Manager
Uwe Schober
Director
Uwe has overall responsibility for the SANAD Fund and equity investments at FiM. Previously, he spent more than twelve years in investment banking in various positions with Warburg, UBS and Morgan Stanley working in M&A and helping to raise capital (equity, debt and hybrids) for a variety of companies in various industries. He also assisted high technology firms in Moscow to access the Russian market. Uwe holds a bachelor’s degree in economics from the VWA Stuttgart, an MBA from London Business School and an MA in Documentary Photography from LCC (London).
Investor Relations
Mario Jertz
Manager
Steffen Klawitter
Director
Steffen Klawitter is responsible for fostering relationships with private sector investors. Before joining Finance in Motion, he served as an expert for wealth management and impact investing at Deutsche Bank. He holds a degree in Business Administration from the Baden-Württemberg Cooperative State University, Mannheim, and is a Certified Wealth Advisor through the European Business School.
IT
Henry Muholo
Manager
Reghina Ribalev
Manager
Matteo Snidero
Director
Matteo heads the IT team of Finance in Motion. In this capacity he oversees the design and development of the company’s software solutions as well as the management of networks and cloud presence. Before joining Finance in Motion, Matteo’s career focus has been on providing IT solutions for Micro and SME banks in emerging economies. Matteo has an MSc in Information Technology from the CEFRIEL Consortium at Milan Polytechnic University and a degree in Physics from the University of Trieste.
Legal
Dr. Daniel Beck
Manager
Laura Vilsmeier
Manager
Dr. Eike Wagner
Director
Before joining Finance in Motion as Head of the Legal Department, Eike worked at the Frankfurt office of a major international law firm and at a leading European independent private bank. Eike has over ten years of experience particularly in the fields of domestic and cross border financing including structured finance transactions, leveraged buy-outs and syndicated lending as well as banking and capital markets law.
Marketing & Communications
Merle Römer
Manager
Risk Management
Sergii Baklazhenko
Manager
Njomëza Freudl
Manager
Jens Kantwill
Manager
Damir Kurtovic
Manager
Tamara Roglic
Manager
Andrii Rozumnyi
Director
A risk professional with 20 years of experience, Andrii leads the risk management of FiM, including credit risk management and risk controlling functions. Before joining the company, he was successfully leading, developing and transforming risk management at various banks in the CIS region, as a manager and as a consultant. Andrii studied European economic policy and integration at the Viadrina European University in Frankfurt (Oder) and economic modelling at the Taras Shevchenko National University of Kyiv, where he received his Master’s degree in Economics.
Goran Vujović
Manager
George Yiannakis
Manager
Strategy & Planning
Thorsten König
Manager
Simon Sonnekalb
Director
Simon Sonnekalb is responsible for the Strategy & Planning and Monitoring & Reporting teams, focusing on fund management, business planning, asset-liability management, fund structuring, public investor relations, and business intelligence. Simon joined Finance in Motion in 2013, working mainly on the EFSE and SANAD funds. Before Finance in Motion, Simon worked as a management consultant and he holds a Ph.D. in finance focused on micro credit.
Technical Assistance
Marianne Sulzer
Manager
Our Culture
At Finance in Motion, we believe that cultural diversity sparks creativity and fosters flexibility. Our team of more than 200 staff from over 50 countries combines expertise from a wide array of disciplines. A can-do attitude and a strong sense of ownership are underscored by our shared belief in making the world a better place.
But we don't stop there: Finance in Motion’s staff also contribute to our company charity, fimshare, while the employee-led Green Committee implements grassroots ideas for making the workplace even more environmentally friendly.
Our staff's countries of origin
Our History
Company Details
Finance in Motion is a licensed asset manager according to German banking law (Kreditwesengesetz) and is supervised by the German federal financial supervisory agency (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin).
Majority-owned by its management and staff, Finance in Motion’s other shareholder is the CAIRN Holding.