Credijusto, a Mexican fintech firm focused on SME lending, has bagged a $100m credit facility from US-based investment bank Goldman Sachs.
Through the facility, the fintech firm aims to expand its SME lending activities across Mexico, where SMEs constitute 99% of businesses.
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SMEs are said to generate 74% of the country’s total employment.
However, official data reveals that they secure 15% of total outstanding credit.
As per findings, banks reject over 80% of all SME loan applications.
Credijusto co-CEO Allan Apoj said: “This financing will further support our growth trajectory and enable us to continue offering credit to the perennially underserved Mexican SME market segment.”
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By GlobalDataLast year, Credijusto received financing in a Series A round.
The round was led by Kaszek Ventures and QED Investors.
The firm has active debt facilities with Promecap, Eiffel eCapital, and PG Impact.
Its other backers are John Mack, Victory Park Capital, Elevar Equity, City Hall Capital and Broadhaven Capital Partners.
Goldman Sachs vice president Jason Nassof said: “With its strong management team and tech-enabled business model, Credijusto is well-positioned to become a leader in the Mexican SME lending market.
“The fintech landscape is significantly less crowded in Mexico than it is in the US, and there are openings for companies to grab market share and improve structural inefficiencies.”
