LatAm List – Variv Capital recently led a US$1.8M investment in Mexican crowdlending platform YoTePresto with support from Redwood Ventures and several local angels. Founded in 2014 by Juan Pablo Mejia and Luis Chavez, YoTePresto is one of Mexico’s fastest-growing marketplace lending platforms. Since it was founded, the platform has processed over MX$300M (US$15.8M) in loans and served half a million customers.
YoTePresto’s fully-online lending platform connects accredited borrowers with institutional and individual lenders to provide faster and lower-cost loans to users across Mexico.
The startup will use the funds to consolidate as one of the top crowdlending platforms in the country and to become officially regulated by Mexico’s Fintech Law. They also plan to develop new products and evolve to become an institutionally-recognized lender.