Kubo.financiero, a Mexican peer-to-peer lending platform, has raised $7.5m in its Series A round of funding. The investment was led by Luxembourg-based social investor Bamboo Finance, with participation from Endeavor Catalyst, Monex Grupo Financiero, KuE Capital, Tanant Capital, Javier Molinar, Alta Ventures Mexico Fund I, Capital Invent, Vander Capital and Wayra.
The company aims to offer loans of between $400 and $4,100 that can be used as working capital, fixed assets, education fees and supplies or even pre-payments on other loans with higher interest rates.
The company claims that Mexico has some of the highest interest rates in Latin America. However, by operating entirely online the company can avoid the cost of physical branches to reduce lending costs.
“This investment for us is a sign of confidence in Kubo and the fintech industry in Mexico,” says Vicente Fenoll, founder-CEO of kubo.financiero.
“With this round we will significantly accelerate the growth of our highly disruptive model, so that we can promote personal and economic development of our customers with better products and services.”
The round brings the company’s total funding to $11m with it previously raising a series of seed rounds and grants from Telefonica’s investment arm Wayra.
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