Mexican fintech Kubo Financiero and Crédito Maestro plan to merge in a $35.6M transaction, pending approval from financial and antitrust regulators.
Kubo operates a regulated digital lending and investment platform focused on Mexico’s banked population. Crédito Maestro provides payroll-backed loans.
Under the agreement, Kubo will contribute its license from Mexico’s National Banking and Securities Commission (CNBV) and its technology platform. Crédito Maestro will contribute capital and commercial capabilities.
Kubo reports profitability of -28.82%, compared to the industry average of 1.2%. Its non-performing loan ratio stands at 16.88%, nearly double the sector average of 8.5%, while its coverage ratio is 82.6%, below the 95.5% industry average.
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