Mexican microloan platform Baubap raised $120M in debt financing in a round led by Six Point Capital Management. The capital will be used to offer credit lines to more clients.
Baubap provides microcredits to individuals who lack access to traditional banking financing. Through alternative data and artificial intelligence, Baubap assesses creditworthiness and offers financial educational content.
“The partnership with Six Point gives us the opportunity to support millions of Mexicans, primarily to steer clear of informal loans, which are often the most expensive type of credit. Instead, we aim to provide options that enable them to navigate through special situations, grow a small business, or even build a credit history,” said Roberto Salcedo, CEO and co-founder of Baubap.
Founded in 2018, Baubap has over half a million active loans per month across Mexico.
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