AlphaCredit issued the following announcement on April 27.
AlphaCredit©, a leading technology firm that provides financial services to segments underserved by traditional banking institutions, specialized in consumer lending and financing for small and medium enterprises (SMEs), has completed an equity financing round for more than MXN$2.4 billion (approximately US$100 million), led by SoftBank's Latin America fund, one of the leading technology investors in the region. The investment round, which included existing and new investors, closed after obtaining the approval from Mexico´s antitrust regulator (COFECE).
"This capitalization, in addition to the US$400 million in senior notes offering completed in February, places us in a solid financial position to continue providing support to our clients during the current liquidity crisis as a result of the COVID 19 pandemic, through transparent, fast and flexible financing", pointed out José Luis Orozco, Co-founder and Co-CEO, AlphaCredit©.
"The closing of our investment in AlphaCredit© demonstrates the high potential the company has to bring affordable credit to people and underscores SoftBank's strong commitment to Latin America," said Marcelo Claure, CEO of SoftBank Group International.
"We are committed to financial inclusion in Latin America and this equity investment provides us the opportunity to keep contributing to solve the core problem of the inclusive growth", said Augusto Álvarez, Co-founder and Co-CEO, AlphaCredit©.
This capital will allow AlphaCredit© to consolidate its place as one of the leading financial technology platforms in Latin America, continue its expansion and leverage the competitive advantages of its proven and profitable business model.
About AlphaCredit©
AlphaCredit© is a leading and one of the fastest growing technology-enabled financial platforms in Latin America, providing financing to employees, retirees, freelance workers and SMEs. Since 2011 the company has disbursed more than one billion dollars in Mexico and Colombia, to sectors underserved by traditional banking institutions, through its platforms AXS, Check, Alcanza Capital and Bontu.
Original source can be found here.
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