Mexican unicorn Konfío, a fintech that offers credit and financial solutions to small and medium-sized enterprises, received a $10 million loan to strengthen its offerings to SMEs in financially excluded communities.
The financing is part of the Scaling Enterprises project, a partnership between Citi, the Ford Foundation, and DFC Corporation to support, in local currency, companies that expand access to products and services to low-income communities and emerging markets.
The news was announced by Citibanamex in a press release, explaining that the funds will be used to finance SMEs in the southern states of Mexico and that at least half of the funds will be earmarked for loans to women entrepreneurs. In the document, the Ford Foundation expressed its satisfaction with supporting Konfío’s work and with the fact that this loan is focused on traditionally underserved communities.
You may also be interested in: Konfío is the new Mexican unicorn, valued at $1.3 billion
