Mexican embedded lending infrastructure R2 raised a $9M equity round led by Hi Ventures and Cometa, with participation from Endeavor Catalyst, Y Combinator, and Gradient Ventures. The funding follows R2’s $15M Series A in September 2022, bringing its total equity funding to $30M.
R2 also secured a $50M debt facility from Community Investment Management to support its growth in Chile, 17 months after receiving a $100M credit line.
R2 uses machine learning and transactional data to improve access to capital for SMBs in Mexico, Chile, Colombia, and Peru, enabling platforms like payment processors, marketplaces, and ride-hailing apps to offer financial services.
With the funds, R2 will accelerate product development, integrate more platforms, and invest in computing power to enhance its AI-based underwriting models.
“The equity investment from Hi Ventures and Cometa is a testament to our strong growth, best-in-class risk management, and the financial inclusion generated through our seamless, API-first integrations with Latin America’s leading platforms,” said Roger Larach, Co-Founder and CEO of R2.
Founded in 2020, R2 has partnered with companies like Rappi, Clip, PayU, and inDrive to provide financing to over 47K businesses across Latin America.
Read more on R2’s blog.