MYC4

MYC4 was founded as a joint venture in May 2006 by Mads Kjær, chairman and former CEO of the Kjær Group and Honorary Danish Consul to Ethiopia, and Tim Vang. MYC4 is currently headquartered in Copenhagen, Denmark with a regional office in Nairobi, Kenya. As of the beginning of 2011, it employed 7 people at its Danish office.

Between the company's creation to 2011, 19,073 investors from 115 countries had invested more than € 15 million in 8,334 businesses in seven African countries - Uganda, Kenya, Côte d'Ivoire, Rwanda, Ghana, Senegal and Tanzania.

Annual reports and up-to-date statistics are available.

African businesses would apply for a loan at a local credit provider, partnering with MYC4. They would specify the amount of money they needed, the interest they were willing to pay and the a time period for repayment.

Investors who created accounts on the website could choose from these third-world businesses, which they then bid money towards supporting. They would specify an amount, a target interest rate and a minimum interest rate. This process is known as a Dutch auction method and guarantees that the interest rate will be as low as possible, depending on the investor bids.

Depending on the amount of money offered by investors, and the interest rates, individual bids could proceed at the target or a lower interest rate, or be cancelled.

A bid could be as little as €5, and repayment times were usually 6 to 12 months, sometimes 2 years.