SME lender Konfio reaches $ 1.3 billion valuation
With the close of an extended $ 110 million Series E funding round, small and medium-sized business (SME) financial services start-up KonfÃo is now a Mexican unicorn valued at $ 1.3 billion, a. Bloomberg reported.
As the country’s fourth unicorn, KonfÃo joins used car seller Kavak, cryptocurrency exchange Bitso and payment processor Clip, according to the report.
Read more: Mexican used car start-up Kavak raises $ 700 million in Series E
KonfÃo will use the capital to develop its product offerings and will continue to seek strategic acquisition opportunities that can expand its product line, the report says.
âAt KonfÃo, we see technology as a tool to level a field of action that has long been unequal in terms of opportunities, to provide growing companies with better opportunities and conditions to develop and successfully compete with large companies. CEO and founder David Arana said in a blog post. “This is our goal.”
He added in the post that despite the challenges of 2020, the company has increased its loan portfolio by 20% and has continuously kept its doors open to entrepreneurs.
The round was led by Lightrock, and there was participation from Softbank, VEF, Kaszek Ventures, IFC, Tarsadia Capital and QED Investors, the post said.
KonfÃo is primarily an SME lender specializing in providing credit to businesses that are often underserved by legacy financial institutions (FIs). The startup’s team is made up of senior executives who are experts in technology, finance, marketing, data science and economics, according to its website.
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In addition to its core mission of lending to SMEs, the company has grown into an all-in-one platform for SME solutions, financial services and business management. The company said it grew based on the hurdles its customers face, according to a separate blog post.
âToday, we are offering Mexican entrepreneurs a platform of solutions that cover financing, management and payments, offering different tools that help businesses in all aspects of their growth,â the company said in the post. .