Mexican fintech Nexu secured a $55M revolving credit line from BBVA Spark.
Founded 12 years ago, Nexu provides automotive financing and leasing solutions. Its platform integrates with car dealerships and uses artificial intelligence and machine learning to assess credit risk and make lending decisions in real time.
Nexu will use the financing to issue more than 10,000 automotive loans and expand its lending capacity across its network of 3,000 dealerships, distributors, and automotive brands in Mexico.
“This new credit line from BBVA Spark expands our capacity to issue loans and scale our model within Mexico’s automotive industry,” said Fernando Gómez, cofounder and co-CEO of Nexu.