LatamList – Graviti, a Mexican fintech, raised a $2.5M seed round led by Active Capital. Other investors in the round included Mucker Capital, ClockTower Technology Ventures, and various private investors.
Graviti is developing a ‘buy now, pay later’ concept for household appliances aimed at low-income households in Latin America. In Mexico, millions of households are still underserved by the traditional banking system and cannot commit to large payments.
“The true problem is the financial gap – they cannot afford to pay upfront for these purchases, and because they are unbanked, have no access to loans,” said Yusef Jacobs, co-founder and CEO of Graviti.
Via the Graviti platform, customers can buy basic household appliances, even if they don’t have the money readily available. They are able to pay in weekly, bi-weekly, or monthly installments without payments or late fees.
“We will be like a credit card for customers […] underwriting loans for things they need for their home,” said Jacobs.
The platform also uses WhatsApp to facilitate the customer experience, mimicking conversations the customer would have with merchants.
The new funding will enable the startup to add new appliances to its product list and provide lending capital for customer purchases.
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