LatAm List – Chilean crowd-lending platform, Cumplo, is ready to take the leap from Latin America to the US. Founded in Chile in 2012 by Nicolas Shea, Cumplo is Latin America’s largest crowd-lending platform, processing over US$210M in loans this year.
In an interview with La Tercera, founder Nicolas Shea explained that he expects the company to double in size – if not triple – every year for the next three years. The startup expanded into Mexico in March with support from ALL VP, the fund that invested in Chile’s Cornershop.
“Our next destination is the US, specifically San Antonio in Texas, because it is the closest developed city to Mexico. We are now in Mexico because we realized there is an enormous opportunity in the Hispanic market in the US, and there are millions of SMEs in Mexico being ignored by the traditional banks,” said Nicolas Shea.
Currently, SMEs lack financing from banks because it can be hard to create a credit rating. Cumplo fills that gap by connecting investors and small businesses to provide SMEs with credit lines at half the cost.
Read more in La Tercera.