Covalto, formerly Credijusto, has become the first Mexican fintech to list on the Nasdaq stock exchange. The startup will trade publicly through a special purpose acquisition company (SPAC).
Covalto is a tech-enabled lender for small and medium enterprises in Mexico. In 2021, it also became the first fintech in Mexico to acquire a bank: Banco Finterra. This deal helped Colvalto diversify its product offering, as Banco Finterra specialized in financing solutions for SMEs in the agriculture sector,
The fintech’s listing on Nasdaq puts it at an implied $547M pro-forma enterprise value. This deal could also generate up to $177M of capital before expenses.
Also, Covalto announced it received a $60M financing. The company had already announced a $30M financing, and now LIV Capital will invest another $30M. LIV Capital is the parent company of LIVB, the special purpose acquisition company.