Historically, the Mexican banking ecosystem has neglected SME owners. Whether due to high commissions or long bureaucratic processes, it’s difficult for many to obtain business loans to grow a company.
Thankfully, Credijusto has been targeting this problem and rapidly growing over the last four years. Thanks to this funding series, it will keep developing.
Investing in a growing economy
In an increasingly saturated market, Credijusto aspires to be a major Mexican fintech competitor. Its growing potential is what made Point72 Ventures, Goldman Sachs PSI, Argo Ventures Thomvest Ventures, Third Lake Capital and Wolfson Group invest in them.
Less than five months ago, Credijusto received a credit facility of US$100 million from Goldman Sachs. This was the first time Point72 Ventures and Goldman Sachs PSI collaborated with the Mexican fintech ecosystem.
“We have been impressed with the growth in the Mexican fintech space, and this investment reflects our belief in Credijusto’s ability to become the market leader in Mexico,” said Don Butler from Thomvest Ventures. “We look forward to working with the company to help it achieve its ambitious goals.”
Market growth potential
Since 2015, Credijusto has been helping the Mexican economy by providing business loans to SMEs. Despite comprising the vast majority of Mexico’s national economy, SMEs receive less than 15 percent of large bank loans. Additionally, around 42 million Mexicans don’t even have a bank account, business owners included.
“Here’s this big market that’s largely under-served and inefficient, and this modern lender can make sense of data that’s available,” said Pete Casella, a Point72 Ventures partner.
So far, Credijusto has granted over US$90 million in loans and equipment leases. With its innovative software application and data science, it hopes to give SMEs the chance to grow.
“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,” commented Alan Poj, Credjusto’s Co-executive Chief.
Credijusto plans to grow and launch a credit card system for its clients with the money raised. We’re definitely excited to see what the future brings to such a promising startup.