We're taking advantage of this anniversary to reflect on our history and the continued relevance of our mission. In this interview, Hugo Couderé, founder of Alterfin, shares his journey, the challenges of the early years and what makes our cooperative still so unique in 2025.

Why was Alterfin founded 30 years ago?

Fighting poverty has been central to Alterfin’s mission from the start—and for me, it became a key cause, especially as I finished my studies.

The issue of poverty—whether through political or personal influence—was always on my mind, and I soon faced its reality firsthand.

What led you personally to this initiative?

While studying applied economics at the University of Antwerp, I joined Verontruste Economisten ("Concerned Economists"). This group was also supported by Prof. Stefaan Marysse, who became a true mentor to me. The group aimed to develop theoretical and practical critiques of mainstream economic theory.

After completing my studies, thanks to Stefaan’s assistance, I worked in Tanzania for four years, continuing to contribute to development projects in Africa. That experience was a turning point in my search for viable ways to reduce poverty.

I saw firsthand that access to finance was essential for people working in social enterprises to develop economic activities and improve their standard of living.

It became clear that lasting impact required more than just supporting local organisations—we needed to help them become self-sufficient and less reliant on external aid.

After returning from Africa as a development worker, I returned to the University of Antwerp, where I served as a research assistant and began working on my PhD.

During that time, I also started advising NGOs, which led me to join the Project Commission of 11.11.11 (formerly NCOS) in Flanders. NCOS brought together NGOs such as Rikolto (formerly Vredeseilanden) and Oxfam Belgique, all of which are committed to development issues.

What was the context back in 1994?

In the 1990s, most NGOs, including those involved in the 11.11.11 Project Commission, relied heavily on donations. Yet they sought ways to enable financing development cooperation and support economic development beyond traditional aid.

Rikolto, Oxfam, and other founding NGOs of Alterfin, such as Wereldwinkels, worked with producer cooperatives and other social enterprises. While they provided (and still do today) valuable support, they could not provide financial resources to ensure the long-term sustainability of these organisations.

Impact investing, as we know it today, didn’t exist back then, so I came up with the idea of alternative finance capable of funding viable initiatives with a strong social mission.

That’s how ALTERnative FINance—Alterfin—was born.

Recognising its potential, 11.11.11 funded me for a year to refine the concept, develop a business plan, and secure the necessary startup capital.

However, bringing Alterfin to life required more than just a business plan—it needed essential seed capital. Eventually, ten NGOs and two banks joined forces, raising 600,000 euros to launch the initiative. I left the university to dedicate myself fully to making it work.

Not long after, in 1998, French-speaking NGOs like Humundi (formerly SOS Faim), Entraide et Fraternité, and Magasins du Monde became part of Alterfin, further strengthening its foundation.

What were the early years like, and why do we celebrate Alterfin’s 30 years of impact investing a year later than the official founding date?

Alterfin was officially founded on November 16, 1994, but its operations truly began in 1995, which is why we consider this date the real beginning of everything and why we’re celebrating our 30th anniversary in 2025.

The early months were intense. We had to set up all management systems, governance structures, and other necessary components and, most importantly, establish a credit portfolio.

It’s hard to imagine now, but in 1995, email and the internet were just emerging, and much of our "fast" communication happened via FAX! Alterfin was born in a world where Information and Communication Technology (ICT) was still in its infancy, making it all the more impressive how we laid the foundation for what Alterfin is today.

Back then, the team consisted of just two people: Nadia Wera for marketing and communications and myself for portfolio development and general management. In the first three years, I was the only investment manager overseeing nine social enterprises across Latin America. We supported four partners active in sustainable agriculture and five microfinance institutions in Chile, Peru, Bolivia, Ecuador, and El Salvador.

Fast forward to today, and Alterfin has grown to a team of 35, supporting over 130 partners.

Why is Alterfin a cooperative? What makes it different for an impact-focused organisation?

While our founding NGOs were very committed, their capacity to provide capital to Alterfin was limited. Moreover, we were still a “strange animal’ for more mainstream financial institutions.

We immediately understood that financing development cooperation required a sustainable long-term mobilisation of capital and a way to build an organisation capable of preserving its mission and values. The cooperative model could do both!

Over time, we also came to understand the significant value that being a cooperative brought to achieving our mission. We were able to engage with our partners in the long term and follow their development, and we were more flexible in adapting our services to meet their needs.

That’s part of our additionality in the sector!

You stayed with Alterfin for nearly three decades. What kept you going all these years? What truly sets Alterfin apart in the impact investing scene?

What makes Alterfin unique is its strong ethical and impact-first dimension. The entire team is deeply value-driven, and that shared engagement motivates anyone who works for or with Alterfin.

Over the years, I have witnessed first-hand positive changes in the lives of the people working for social enterprises we supported, and that’s when I knew our impact was genuine and profound.

Alterfin's deep-rooted experience, strong network, and solid internal structure make it stand out today. But above all, Alterfin’s unwavering values and impact continue to set it apart as a leading actor in impact investing. That’s why I stayed for nearly three decades.

What are you hopeful for in the next 30 years? What should future co-op members and partners never forget?

The challenges we face today—whether environmental, social, or economic—make the need for impact investing and ethical investments more urgent and relevant than ever.

Alterfin is part of the solution. It’s clear when you see how it brings together thousands of committed co-op members, hundreds of social enterprises around the world, and a strong network of like-minded organisations.

Future generations of Alterfin co-op members and partners should never forget the power of working together.

We’ve come this far because of a shared vision, and I hope that spirit continues for many more decades.

Meet Hugo Couderé, other key actors and staff members!

Join us in celebrating the 30th anniversary of our cooperative on April 26th. Register now to secure a spot!

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