Chilean fintech Galgo (formerly Migrante), announced the acquisition of Crediorbe, a Colombian fintech focused on motorcycle credits, to boost its presence in the country.
Galgo, an online platform focused on motorcycle financing aims to become the biggest player in the motorcycle credit market in Latin America.
After reading a press release about Galgo’s intentions to expand to Colombia, Daniel Vazquez, Crediorbe’s Commercial Coordinator, contacted Galgo’s Head of Growth Francisco Eterovic to start the negotiations.
“Daniel and I were classmates in a Harvard MBA class back in 2013. He told me he read the article and wanted to explore the possibilities, considering that Crediorbe is one of the leaders in its field.” said Eterovic.
As of now, Galgo operates in Colombia and Chile at a profitable level and has grown its revenue by 10x in Peru, planning to break even in the near future. The Chilean startup is close to achieving a lending portfolio of $100M with the lowest default rate in the market, according to them.
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