Colombian fintech RapiCredit raised $7M in a deal with Almavest, where RapiCredit sold a portion of its loan portfolio. The funds will be used to expand microcredit offerings.
“This company is resource intensive because our product is credit. Economic resources are needed to keep offering the credits that our clients need,” said Daniel Materón, Co-Founder and CEO of RapiCredit.
The fintech offers fast and flexible microloans from $25 to $250, catering to the unbanked population, and customers with low credit scores.
Founded in 2014, RapiCredit has issued over $200M in loans, with a new loan granted every 28 seconds.
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