BUSINESS INSIDER UK<\/a><\/p>\nGoldman Sachs Group Inc, Point72 Ventures and others invested $40 million in a Mexico-based online lender called Credijusto.com, the companies said on Thursday.<\/p>\n
Founded in 2015, Credijusto has originated $90 million in loans and equipment leases to small businesses like dry cleaners and mechanics across Mexico, according to a statement from the company and investors.<\/p>\n
This is the first time Goldman’s Principal Strategic Investments group and the venture capital arm of Steve Cohen’s investment firm Point72 have invested in Mexico’s fintech market, and it is a sign they see potential for growth.<\/p>\n
Mexico has experienced a steady rise in startups aiming to use technology and mobile phones to sell financial services to poor and middle-class customers who do not use traditional banks.<\/p>\n
About 42 million Mexicans do not have bank accounts because they charge steep fees, there is not a branch nearby or because some banks have lost public trust due to their past scandals.<\/p>\n
Mexico’s government has said it is looking to fintechs to play a major role in increasing financial inclusion in the country.<\/p>\n
Credijusto is tackling the financial inclusion gap for small and medium-sized companies, which comprise 99% of Mexico’s businesses but get just 15% of loans issued by major banks, according to the statement.<\/p>\n
“Here’s this big market that’s largely under-served and inefficient, and this modern lender can make sense of data that’s available,” Pete Casella, a partner at Point72 Ventures, said in an interview. “If you can better underwrite a customer and do it faster then you’re going to capture share.”<\/p>\n
Companies may wait five months to get approved for a loan by a Mexican bank, and interest rates may be five times as much as those offered by U.S. banks, according to the statement.<\/p>\n
Credijusto speeds up the process by checking a company’s creditworthiness by looking at invoices it filed with the federal tax authorities.<\/p>\n
Using traditional underwriting methods and key invoice data, Credijusto can view a company’s spending and income patterns and business partners before deciding on issuing the loan, which typically ranges from $20,000 to $500,000.<\/p>\n
“This financing round is a validation of Credijusto’s rapid growth … and will further support our aim of building a world-class tech company that empowers (companies) through access to credit,” said Credijusto co-Chief Executive Allan Apoj.<\/p>\n
The company plans to use the money, in part, to launch a credit card offering.<\/p>\n","protected":false},"excerpt":{"rendered":"
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