LatamList – Konfio, a Mexican fintech for SMEs, raised $36M (MXN$800M) for credit lines from IDB Invest, expandable up to $60M (MXN$1.3B). The startup will have access to the initial $36M in credit capacity to provide businesses in Mexico with financial support.
During April and May of 2020, more than 10,000 SMEs in Mexico closed due to the economic fallout of COVID-19. With the recent funding, Konfio will strengthen its support of small businesses with credit loans of up to $93K (MXN$2M).
“The impact of COVID-19 has been felt more greatly by SMEs in Mexico. […] Thanks to our advanced technology and data we are able to identify business strategies of high potential that will provide support in these difficult situations,” said David Arana, General Manager at Konfio.
Not only is Konfio supporting SMEs across Mexico, but it is also actively targeting the gender pay gap in the country. Together with IDB Invest, Konfio has launched two projects aimed at promoting equality in business.
According to INEGI (Instituto Nacional de Estadistica y Geografia), only three in ten SMEs are led by women in Mexico. Konfio aims to offering greater financial support to female entrepreneur and ensure their success in the field.
Read more on LAVCA.
