Kueski, the leading online lending company in Mexico offering real-time, micro loans to Mexican consumers, announced today the close of a US$35 million round of equity and debt funding, with the potential to increase to US$100 million in total funding, the largest capital funding in Mexico for a fintech startup.
The US$10 million equity investment was co-led by investors Richmond Global Ventures, Rise Capital, CrunchFund and Variv Capital, with participation from Victory Park Capital and existing investors Angel Ventures Mexico, Core Ventures Group and Auria Capital.
Kueski will use the funds to accelerate portfolio growth, expand its world-class team and extend its brand presence throughout the region.
“We feel honored to partner with such an incredible group of investors. Their expertise in emerging markets and online lending businesses will enable our company to advance our market leadership and launch additional products in order to position Kueski as a leader in online lending for all of Latin America,” commented Adalberto Flores, co-founder and CEO of Kueski.
Peter Kellner, managing partner of Richmond Global Ventures and co-founder of Endeavor Global, one of the most influential business groups in Mexico, commented: “Mexico is currently experiencing a historical moment in building a strong foundation for the future dominant online lending platforms to be built. Formal credit is not available to 85 percent of the population in Mexico. When you see such an important and large market opportunity being pursued by a world-class analytics team, it was a very easy decision to invest in the company.”
Kellner will be joining Kueski’s Board of Directors. Patrick Gallagher, partner of CrunchFund and co-lead of this equity round, has been a member of Kueski’s Board of Directors since 2014.
“We are excited to partner with Kueski as both a debt and equity investor and believe in the transformational capability of what the team is building,” adds Philip Nanney, a vice president at Victory Park Capital. “We are confident that Kueski will soon be a dominant source of credit in Latin America as it leverages a highly sophisticated approach to lending, one that enables risk management via learning, and adaptation over time.”