InnoHub secures over US$13 million to improve financial health for Mexican SMEs

Contxto – Following InnoHub’s recent MXN$250 million (north of US$13 million) investment round, SMEs and their employees have much to look forward to across Mexico.

In collaboration with strategic partners such as Banco Santander Mexico, CONTAQi, among other entities, funds will allow InnoHub to continue strengthening SMEs through the creation of fintechs and B2B companies.

“With the investment, we will continue to create and develop digital financial solutions to improve the life of SMEs, always backed by a platform that integrates innovation, technology and talent,” said Raimundo Burguera, CEO of InnoHub.

Determined to transform Mexico’s financial sector with inclusive digital solutions, the “venture builder” expects to launch more companies with fresh funding. Specifically, it aims to support over 1 million Mexican SMEs and their 7 million employees following the alliance. 

Based on the collaboration, now InnoHub partners will have access to the Santander Avanttia Package. Allegedly not available on the public market, this toolkit will allow SMEs to enhance their financial performance with various KPIs.

Moreover, InnoHub intends to generate more startups offering financial solutions with new capital. Services will include invoicing, payroll loans, insurance, bank accounts, tax assistance, among other areas. 

Specifically, this is the first time both Banco Santander Mexico and CONTPAQi have supported SMEs in this capacity. While Santander is a major financial institution, CONTPAQi is a software developer. 

Venture builder 

Designing, building and scaling startups to empower SMEs is what InnoHub is all about. As a venture builder, it launches B2B fintechs specifically designed to benefit SMEs in the Mexican market.

Known as the “economic engine” of Mexico, SMEs employ approximately 75 percent of the country’s population, not to mention representing 52 percent of the gross domestic product. 

All the while, only 3 out of 10 Mexican SMEs stay afloat after the first five years of operation. Keeping these figures in mind, InnoHub strives to improve financial performances for these SME partners. The more support they have, the more likely they will overcome economic challenges. 

Since its 2015 founding, the startup studio has founded two fintech-oriented ventures: Avanttia and LendInc.

For automated and efficient business processes, the cloud-based Avanttia platform helps partners manage cash flow. Conversely, LendInc. Leverages AI to administer loans, providing much-needed stability for certain partners. 

Besides Avanttia and LendInc., the firm also handles Vetta and Envíoclick. While Envíoclick focuses on logistics, Vetta functions as a “company builder as a service.”

-JA