In a story brought to our attention by LAVCA, Mexican fintech startup Konfio has raised a US$25M Series C round led by Vostok Emerging Finance. Vostok invested US$15M of the round, alongside Quona Capital, QED, Kaszek Ventures, and the International Finance Corporation (IFC).
Konfio focuses on providing credit to Mexico’s 7 million small businesses, which make up 19 out of 20 businesses in the country. This segment is considered to be a US$45B market opportunity in the world’s second largest market for SME credit.
The small business sector in Mexico, made up of companies that make under US$700K of sales every year, is particularly underserved by the traditional banking sector. Konfio will use the investment to improve its technology stack and expand out of unsecured business loans to provide further opportunities to unbanked small businesses.
Read more in the original press release on LAVCA.