Peruvian fintech Wolet raised a $2 million debt funding round led by Acorde Private Fund and a group of angel investors.
Wolet offers a lending solution that integrates to payment processors and POS systems. This integration allows the analysis of business transactions to understand the SMEs operational flow, thus providing custom lending solutions for SMEs.
“We integrate with (payment) platforms to offer financing to SMEs and become their financial allies in their development, growth and consolidation… at the same time we are in full development of BNPL (Buy now – pay later) technology to help SMEs increase their sales and generate more customers. In 8 months of operations we have managed to empower close to 1,000 SMEs and expect to reach up to 1,500 SMEs with Wolet financing by the end of the year. In 5 years we want to reach up to100,000 SMEs” said Mario Cruz Aguilar, Wolet’s cofounder.
Wolet has partnered with Niubiz’s VendeMás in Peru, and is in the process to partner with other leading companies in Latam. According to Cruz Aguilar, they are very interested in scaling within the next 12 months to Colombia, Chile, Ecuador and Bolivia, hand in hand with top partners in Latam.
Wolet operates as a Lending as a Service (LaaS) fintech that allows platforms integrated to fintech to provide capital to SMEs. The loan provided by Wolet is based on revenue, supported by daily sales, transaction data, periodicity, among other data, and takes a percentage of its sales for the collection of its payment fees.
Wolet’s cofounders are also the founders of Kontigo, a fintech founded in 2016 and accelerated by NxtpLabs. The rest of the management team gathers experts in fintech, edtech, and come from companies like Uber, Global66, Diners, and more.