Mexican fintech Digitt secured $50M in debt from CoVenture. This is CoVenture’s first direct investment in Latin America.
With the funds, Digitt will expand its debt refinancing product, aiming to triple its loan book in the next 12 months. The fintech also plans to broaden its product offerings.
Digitt specializes in refinancing personal debts with banks, targeting prime borrowers who face high interest rates. Unlike most fintechs in the region that target the unbanked, Digitt serves low-risk customers.
“In Mexico and most Latin American countries, credit card interest rates range from 60% to 150%, even for customers with good credit history, verifiable income, stable employment, and proven willingness and ability to pay. Digitt aims to counteract this predatory lending,” said David García, Digitt’s Founder and CEO.
Founded in 2018 by Manuel Álvarez and David García, Digitt previously raised $4.8M from Clocktower Technology Ventures, FJ Labs, Gilgamesh Ventures, Yes VC, Angel Ventures México, and New Stack Ventures, along with angel investors such as former SoFi President Saturnino Fanlo. In 2023, Digitt tripled its revenue.
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