This case describes the use of securitization by Microfinance institutions. Even though securitization with tranching received a bad name during the financial crisis it can be used to relax financial constraints for Microfinance institutions which provide loans to the poor. The case elaborates how IFMR Trust Pioneer II facilitates a mutual fund investment into micro-loan backed securities. The case study records the tale behind start of IFMR Trust Pioneer II, the first rated micro-finance securitization transaction to be placed with the capital market investors. It also discusses how IFMR Capital adopted the structured finance approach to create new funding options for micro-finance institutions.