LatamList – Baubap, a Mexican fintech, raised a $3M funding round led by Alfin.
Baubap is a micro-financing platform that offers small credit loans via its online app. The platform has seen increased demand for microcredit loans in the last year due to the financial difficulties posed by the COVID-19 pandemic.
“With everything that happened, 2020 was a positive year for Baubap. While some companies stopped offering loans, we were able to increase our business transactions significantly and achieved profitability in July,” said Robert Salcedo, co-founder of Baubap.
Baubap aims to not only offer credit to those who need it but also to increase financial education and awareness.
“We want to offer more than just simple credit, although that is what we offer first. The idea is for customers to learn about financing through the process of loans, eventually accessing larger credit loans and more options,” said Salcedo.
The new funding will enable the platform to increase its credit offers and continue expanding over the next year.
Read more on Forbes.