The Ecuadorian fintech AltScore has raised $3.5M in a seed funding round that was led by Far Out VC, with participation from Caffeinated Capital, Techstars, Unpopular Ventures, Kamay Ventures, BuenTrip Ventures, Lorimer Ventures, and CompuSoluciones Ventures.
AltScore is a B2B embedded credit infrastructure platform that allows any company in Latin America to embed and deploy credit products. It offers cutting-edge underwriting, alternative data and scores, and other lending-as-a-service modules. With AltScore, businesses can increase customer retention and LTV.
AltScore moved its HQ to Mexico, where it will concentrate its operations. The company has clients in South, Central, and North America. AltScore achieved over 10x growth in revenue YoY and a 34% CMGR over the last 12 months.
“AltScore is a company with an outstanding Founder Market Fit, which has created a transparent culture of quality and constant improvement that delivers innovative products in a rapidly growing market,” commented Jonathan Fentzke, cofounder of Far Out.
With these new funds, AltScore will continue to develop its end-to-end platform to help its B2B partners embed and deploy credit products while providing fair and timely access to liquidity in LatAm. AltScore will also add to its LaaS toolbox modules such as Smart Collections, Loan Management, and Embedded Lending.
Read more on AltScore’s blog.