Mexico-based $20M Series A: Anthemis, Azevedo, and TechCrunch
Mexico-based fintech startup, Credijusto, has raised $20 million in a Series A funding round led by Anthemis Group and Point72 Ventures. The round also saw participation from existing investors such as Kaszek Ventures, QED Investors, and John J. Mack. The funding will be used to expand Credijusto’s lending capabilities and to develop new products for small and medium-sized enterprises (SMEs) in Mexico.
Credijusto was founded in 2015 by David Poritz and Allan Apoj. The company provides loans to SMEs in Mexico that are underserved by traditional banks. Credijusto uses a proprietary credit scoring model that incorporates data from a variety of sources, including financial statements, tax returns, and social media. This allows the company to make lending decisions quickly and efficiently.
The Investors
Anthemis Group is a venture capital firm that specializes in fintech investments. The firm has invested in companies such as Betterment, Currencycloud, and Tide. Anthemis has a strong presence in Europe and the United States, but this investment marks its first foray into Latin America.
Point72 Ventures is the venture capital arm of Point72 Asset Management, a hedge fund founded by billionaire investor Steven Cohen. Point72 Ventures has invested in companies such as Acorns, Robinhood, and TransferWise.
Kaszek Ventures is a Latin America-focused venture capital firm that has invested in companies such as Nubank, Rappi, and Gympass. QED Investors is a fintech-focused venture capital firm that has invested in companies such as Credit Karma, SoFi, and Avant. John J. Mack is the former CEO of Morgan Stanley and an investor in Credijusto’s seed round.
The Mexican Fintech Landscape
Mexico’s fintech industry has been growing rapidly in recent years. According to a report by Finnovista, there are over 300 fintech startups in Mexico, making it the second-largest fintech ecosystem in Latin America after Brazil. The report also found that Mexico’s fintech startups raised $1.3 billion in funding between 2014 and 2018.
Credijusto is one of several Mexican fintech startups that are focused on providing loans to SMEs. Other players in this space include Konfio, Kubo Financiero, and Credijusto’s sister company, Credijusto Capital. These startups are filling a gap left by traditional banks, which often require extensive documentation and collateral from SMEs.
The Future of Credijusto
Credijusto’s $20 million Series A funding round will allow the company to expand its lending capabilities and develop new products for SMEs in Mexico. The company has already made significant strides in this area, having provided over $100 million in loans to SMEs since its inception.
Credijusto’s proprietary credit scoring model gives it a competitive advantage over traditional banks and other lenders. The company’s use of alternative data sources allows it to make lending decisions quickly and efficiently, which is crucial for SMEs that need access to capital to grow their businesses.
In addition to expanding its lending capabilities, Credijusto is also looking to develop new products for SMEs. The company has already launched a leasing product that allows SMEs to lease equipment such as trucks and machinery. This product has been well-received by Credijusto’s customers, and the company is looking to develop additional products that will help SMEs grow their businesses.
Conclusion
Credijusto’s $20 million Series A funding round is a significant milestone for the Mexican fintech industry. The investment from Anthemis Group and Point72 Ventures is a testament to the potential of Mexico’s fintech ecosystem, and it will help Credijusto expand its lending capabilities and develop new products for SMEs in Mexico. With its proprietary credit scoring model and focus on serving underserved SMEs, Credijusto is well-positioned to continue growing and making a positive impact on Mexico’s economy.
