Cordaid Investments has nearly 20 years of experience of supporting and investing in microfinance, both through grant-making (to support capacity building, product development and customer services) and through investments in microfinance institutions (MFIs). Initially we primarily invested in start-up MFIs or MFI start-up funds, but gradually we have expanded to include more mature organizations especially those that are serving rural clients and that reach out to underserved rural areas. In fragile and post-conflict countries Cordaid supports less mature MFIs based in urban areas.