Salvadoran fintech Ábaco raised $4M in a pre-seed round. Investors include Caricaco Ventures, Cacao Capital, Innogen Capital Ventures, Invariantes Fund, Mercy Corps Ventures, and Bridge Latam, among others.
With the funds, Ábaco will be able to lend to more SMEs and expand into new markets.
“We plan to expand into Guatemala in late 2024. Our target is to provide more than $100 million in loans combined to El Salvador and Guatemala by 2025,” said Alejandro McCormack, Ábaco’s Co-founder and CEO.
Ábaco offers short-term financing to small and medium-sized enterprises (SMEs) by automating money tracking and providing budget control.
Founded in March 2023 by Alejandro McCormack, Carlos Villalobos, and Moises Hasbún, Ábaco reports 30% monthly growth since July 2023.
Read more on: Tekios.
