Mexican fintech Zenfi closed an $8.5M round led by Magma Partners. Cometa, Redwood Ventures, Polígono, Conny & Co., and Unpopular Ventures also participated.
Zenfi is a personal finance platform that began 7 years ago by giving personal loans at the lowest interest rates in Mexico through Yotepresto. Zenfi has since evolved into a personal finance app that assists its users in improving their credit scores and financial health.
Zenfi is a profitable company with $10M ARR, and more than 3 million users to date. Its lending app, Yotepresto, has lent over 100 million with a low default rate of 3.4%.
The company will use these funds to improve the platform, develop new products, expand to other Latin American countries and increase its workforce.
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