LatAm List – The Japenese fund SoftBank recently invested $100M into the Mexican small-business lender Konfio. The investment comes after SoftBank’s announcement in March of a $5B fund for the Latin American startup ecosystem.
Konfio lends to SMEs who are often overlooked by traditional banks, helping them to scale up and attract further investment. They are able to process and disburse the loans 100% online.
“We consider ourselves a tech company that’s focused on resolving one of the biggest problems for small and medium-sized businesses, which is access to credit,” comments Gregorio Tomassi, the investor-relations Director at Konfio.
QED Investors, Kaszek Ventures and Vostok Emerging Finance Ltd also invested in this round. This investment is Softbank’s second in Mexico after supporting mobile PoS startup, Clip, in mid-2019.
The fund will allow Konfio to expand working capital loans and introduce new products, such as business analytics for customers’ credit reports. The company also aims to further develop their online marketplace, Konsiento, where businesses can access legal services, website designers, and office supplies at a discounted price.
Read more on Yahoo! Finance.
