Mexico City, Mexico — Credijusto, a Mexican company in the segment of financing small and medium-sized companies (SMEs) through the use of technology, has announced the acquisition of Banco Finterra, an institution specialized in financing solutions for companies in the agri-food sector.
With this acquisition, Credijusto is positioned as the first Mexican company of its kind to acquire a bank, also becoming the only neobank in Latin America focused on serving the needs of small and medium-sized companies.
The company’s expansion reflects the global trend for fintechs to become banking institutions to facilitate a more diversified product offering. Furthermore, this acquisition doubles the size and accelerates the growth of Credijusto.
In the last year, Mexico has experienced a strong demand for credit solutions enabled through technology as the crisis derived from COVID-19 led to a greater need for credit, to which traditional banks have not been able to respond adequately. With the incorporation of Banco Finterra, Credijusto is positioned as a key player in the ecosystem of financial services for companies in the country.
“The acquisition of Banco Finterra seeks to create the first truly digital banking platform for Mexican companies,” commented Allan Apoj, Co-CEO of Credijusto. “This transaction marks an important milestone in Mexico and the region and we are proud to be revolutionizing the future of banking in Latin America.”
Together, both companies have funded SMEs with more than 2 billion dollars that, for the most part, had not been served by traditional banks. Before the acquisition, Credijusto had already raised more than 400 million dollars from banks and investment funds such as Goldman Sachs, Credit Suisse, Point72 Ventures, New Residential Investment Corp., Kaszek, QED Investors, John Mack, Ignia, Promecap and LIV Capital.
Mark McCoy, CEO of Banco Finterra said “we are very excited about this next stage of growth for the bank and the benefits that we will offer to companies in Mexico by capitalizing on Credijusto’s strengths in technology, service and agility.”
With 6 million SMEs in Mexico generating more than 50 percent of the country’s GDP and employing more than 70 percent of the active workforce, Credijusto will continue to play a crucial role in the growth of the Mexican economy.
Mexico Daily Post