Colombian fintech Creditop raised $3.7M in a round led by US-based Collide Capital. Clocktower, Alaya Capital, Amador Holdings, Newtopia, and Driven VC also participated in the round.
Founded by Daniel Garzón, Creditop aims to address the low credit card penetration in Latin America, where only two out of ten people have access to credit cards. Creditop is an embedded lending network that enables merchants to offer flexible financing options at the point of sale for both physical and digital stores. Creditop connects retailers with multiple financial entities, including banks and other fintechs like Bancolombia, Banco de Bogotá, and Sistecrédito. At checkout, customers scan a QR code, enter their information, and receive real-time credit offers, allowing customers to pay in installments without a credit card.
Creditop will use the funds to strengthen its operations in Colombia and expand into Central America and Peru.
In less than two years, Creditop has processed over 300,000 transactions and now handles approximately $10 million in monthly credit volume. The platform is available in major Colombian retailers such as Alkosto, Ktronix, and Corona.Read more on Forbes Colombia
