SITAWI Finance for Good

Develop and Flourish

SITAWI Finance for Good is ranked 110 in TOP 500 World by NGO Advisor


Organization Name
SITAWI Finance for Good
Formerly Known As
Develop and Flourish
English-Language Website URL
Other-Language Website URLs
Type of organization
Year Founded
Lead Photo For Profile
HQ Location: City, Country
Rio de Janeiro, Rio de Janeiro, Brazil
HQ Physical address
HQ Mailing Address
301/301, Voluntários da Pátria, 22270-003, Rio de Janeiro, Rio de Janeiro, Brazil.
Name of Official Representative for Profile
Sarah Siqueira | Fundraising Assistant
Primary Contact and General Inquiries | +552122471136
Is Your Organisation Membership-based ?
Total Members

SITAWI means “to develop and flourish” in Swahili.

2005 – Leonardo Letelier, Harvard MBA and consultant at McKinsey for 10 years in different countries, realized he should use his business and finance expertise to help to change social realities in Brazil.

2007 – After two years of preparation and research, Leonardo reimagined Finance as a force for good and started operations for what would become SITAWI, which would be founded the following year.

2008 – Foundation of SITAWI and structuring of the Social & Environmental Loan.

2009 – First Social &Environmental Loans for Solidarium, Caspiedade and Davida.

2010 – Invitation to take part in the Clinton Global Initiative (CGI) and certification as OSCIP.

2011 – Awarding of the beyondBanking prize from the Inter-American Development Bank.

2012 – Article published in Stanford Social Innovation Review and creation of a new product: Filantrophic Funds Management for Families and Companies: first client USAID +Unidos.

2013 – Expansion of focus to the Finance for Good, including a Sustainable Finance program. Resumption of Business & Impact activities.

2014 – Nomination of the joint Executive Directorship for the Social Finance Taskforce. Ecomudanca/Itaú Fund follows SITAWI’s lead by incorporating loans in its social investment strategy.

2015 – Leadership on Green Bonds and Social Impact Bonds in Brazil.

2016 – ABCR Award for Most Transparent Organization and A+ Seal in Transparency and Management from Instituto Doar.

2017 – Leading position on Independent Research in Responsible Investment (IRRI) global ranking and recognition as one of the best social organizations in Brazil (Best NGOs award) in terms of transparency, efficiency, quality of management and good governance practices in their areas of activity.

2018 – Through its Sustainable Finance Program, SITAWI has been awarded the B Corp Certification and has joined the group of “good companies for the world”. And, for the second consecutive year, SITAWI was placed as one of the 100 best NGOs in Brazil.

Please Briefly Describe Your Economic Model.
SITAWI obtains income from a number of different sources: the organization raises donations from private individuals, receives grants from international organizations, creates philanthropic funds seeded through donations, charges below-market interest rates on the social and environmental loans that it makes, and carries out some limited consulting projects.
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Sectors of Activity
Economic Empowerment, Environment, Education, Human Rights, Health, Democracy,

Mobilize capital for positive social and environmental impact.

Country (or countries) where active
Date of Publication of Latest Annual Report or Activity Report
Latest Annual Report PDF
Alliances, Networks, and Affiliations

Vigeo Eiris: In Brazil, we are the representative of Vigeo Eiris, a leading global agency in providing research on Environmental, Social and Governance (ESG) issues for responsible investors. Vigeo Eiris has more than 300 clients and assesses over 4,000 companies worldwide, and SITAWI is responsible for covering Brazilian companies.
CDP: SITAWI is a signatory of the CDP. Through collaboration with investors, the CDP has been a catalyst for global reporting and commitments front of the main environmental challenges. The organization is part of a global movement to improve corporate transparency and provide the market complete and comparable environmental information.
Brazilian Social Finance Task Force: Along with the Institute of Entrepreneurial Citizenship (ICE), we are joint Executive Directors of the Brazilian Social Finance Taskforce. The mission is to weave a network of relationships that can bring together investors, entrepreneurs, government and partners, to develop profitable business models that solve social or environmental problems, and thus change the dominant paradigm for managing the needs and resources of society.
Principles for Responsible Investment: We are a signatory of the Principles for Responsible Investment, a global network of investors with more than 60 trillion dollars in assets supported by the UN. In Brazil, we coordinate a working group on ESG Integration, including large pension funds and asset managers.
ANDE: We are part of Aspen Network of Development Entrepreneurs, a worldwide network to support entrepreneurship initiatives for emerging market development. Rob Packer, our fund manager, is a member of ANDE’s Brazil Chapter Committee for the 2015-2016 term.

IRIS: We are affiliated with IRIS (Impact Reporting & Investment Standards) indicators, a system of standardized metrics promoted by the Acumen Fund, B Lab and Rockefeller Foundation, and base our social metrics indicators on its database.
GIFE We are members of GIFE – the Group of Institutes, Foundations and Companies.
Instituto Sabin: We are partners in developing the Brazilian social impact bond (SIB) ecosystem through SIBHub BR. We receive guidance from the Institute on strategies for knowledge creation and dissemination about health SIBs in Brazil.

Contact Information for Press Inquiries
Luiza Coimbra | Communications Senior Analyst
Contact Information for Fundraising Inquiries
Renata Linhares | Fundraising Coordinator
Contact Information for Development and Partnership Inquiries
Leonardo Letelier | CEO
Contact Information for Inquiries from Private Sector

Human Resources

Full name
Leonardo Nicolas Letelier Pimstein
Short Biography
Leonardo has over 20 years of experience in business, finance, and the social sector. Before founding SITAWI, he spent 2 years as the director of the Economic Citizenship for All initiative for Ashoka. He also spent 8 years at McKinsey, advising clients on strategic and operational challenges, with a focus on the telecommunications and energy sectors. Prior to McKinsey, he worked in derivatives trading, and with CADE, the Brazilian antitrust agency. He was elected a Synergos Senior Fellow and a Responsible Leader by the BMW Foundation. Leonardo is recognized as one of the pioneers in the Social Finance and Impact Investing landscape, globally and in Brazil having served as co-executive director of the Brazilian Social Finance Task Force and as a frequent speaker in fora such as SOCAP (Social Capital Markets), FLII (Foro Latino Americano de Inversión de Impacto) and the Brazilian Social Finance and Impact Businesses Forum. He earned an MBA from Harvard Business School and an Industrial Engineering degree from USP – University of São Paulo.
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Bylaws & Legal

Legal Status
Association certified as Civil Society Organization in the Public Interest (OSCIP)
Year of Registration
Are Your Bylaws Publicly Available ?
Are Your Bylaws Provided On Request ?
Provide a Request URL or Email
Date of Bylaws' Last Modification
Reason(s) for Modification(s)

Change of address and minor alterations to some clauses.

Countries Where Legally Represented
Is Your Organization Accredited to ECOSOC (UN)?
Year of Accreditation


Latest Yearly Income (All Countries and Entities)
2017: R$2,273,000.00 (~US$688,787.00)
Latest Surplus/Deficit
2017 Deficit: R$ 102,913 (~US$31,185.00)
Previous Yearly Income
2017: R$2,273,000.00 (~US$688,787.00)
Latest Net Assets
2017: R$ 987,144 (~US$299,134.00)
Date of Publication for Next Financial Statement
Latest Financial Statements
Latest Audited Fiscal Year
Contact Information for Auditors

Jucieli Stoinski, BDO Brazil, Rua Buenos Aires, 48 - 4ºandar, 20.070–022 Rio de janeiro, RJ, Brasil, Tel: (55 21) 2210.5166