Mexican fintech Vexi secured a $15.3M credit line from Banco Covalto.
Vexi helps underbanked, lower-middle-class consumers build credit histories by offering credit cards.
Vexi will use the funds to expand its credit offerings and reach more users, especially those who have not had access to traditional financial products.
“This loan is tailor-made: it recognizes the quality of our portfolio, the technology we developed to originate and evaluate risk, and our profitable growth,” said Gabriela Estrada, CEO and cofounder of Vexi, to Fintech Expert.
Vexi projects more than 40% growth in its active user base over the next 12 months and expects to double its monthly credit placements. Vexi also plans to launch new financial products, which are currently in the pilot phase.
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