YoFio Secures $10M for Microbusiness Growth in Mexico

The funding, including equity and debt, aims at bolstering financial inclusion for microenterprises, critical to Mexico’s economic vitality.
Yofio Secures $10m For Microbusiness Growth In Mexico
Yofio Secures 10m For Microbusiness Growth In Mexico

Latam Fintech reports that YoFio, a Mexican fintech platform providing digital financial solutions, has successfully secured a $10 million financing round led by social investor Oikocredit. This investment, supported by 500 Global, Innogen Capital, G2 Fintech Fund, Cauris Finance, and various angel investors, underscores YoFio’s dedication to financial inclusion for microenterprises. These small businesses constitute 60% of Mexico’s private business activity, playing a pivotal role in economic growth and job creation.

Leveraging proprietary technology and an extensive network of wholesale partnerships, YoFio offers more accessible, competitive, and flexible solutions than traditional banking options. To date, it has disbursed $8 million in digital loans to over 3,500 merchants and microentrepreneurs. By the end of 2024, YoFio aims to manage a total portfolio of $5 million.

Alberto Bonetti, CEO and co-founder of YoFio, and Harold Calderón Meza, Equity Officer at Oikocredit, both emphasize their shared commitment to enhancing the financial resilience and growth of microenterprises. Oikocredit, with nearly five decades of experience, focuses on financing organizations in financial inclusion, agriculture, and renewable energy, supporting low-income individuals across Africa, Asia, and Latin America in sustainably improving their living standards.

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