Credijusto, the Mexican SME lending platform, Raises $42 Million
Point 72 Ventures and Goldman Sachs led Credijusto’s Series B funding round
Credijusto has raised $42 million in its latest funding round. Participating investors included Thomvest Ventures, Wolfson Group, Third Lake Capital and Argo Ventures. Its other investors included Kaszek Ventures, QED Investors, Broadhaven Capital Partners, John J. Mack, and Supernode Ventures.
Only six months ago Credijusto arranged a credit facility of up to $100 million with Goldman Sachs.
With this round of funding, it has raised a total of $153 million in the venture and debt capital.
Credijusto makes a mark as a fin-tech in Mexico
The firm is quickly establishing a reputation as a fintech. The firm enables financial inclusion and addresses the weaknesses of the Mexican banking system. It has originated more than $90 million in term loans and leases to Mexico’s SME segment.
Though SMEs constitute 99 percent of businesses and provide for 74 percent of total employment in the country, they get a raw deal from banks. Only 15% of the total outstanding bank credit is in the hands of SMEs. Typically banks reject 80% of all loan applications, according to company data.
Credijusto arranged a credit facility of up to $100 million with Goldman Sachs just six months ago.
Use of funds
Credijusto will use the funds to expand its presence in Mexico. It will also launch a credit card for SMEs.
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