Mexican SME lender Credijusto secures credit facility from C
, March 25, 2020 /PRNewswire/ -- Credijusto, the leading tech-enabled lender in Mexico, announced today that it closed a USD $100 million debt facility with Credit Suisse AG. The transaction follows the closing of a landmark USD $100 million credit facility with Goldman Sachs last year. These two transactions were the first such deals that both banks had completed with a Mexican fintech.
The transaction provides Credijusto with additional funding diversification and capacity to increase its lending across Mexico and support its mission to expand credit access for small and medium-sized enterprises (SMEs). "This credit facility represents a significant milestone for Credijusto, particularly given the uncertain economic times that we are entering and allows us to continue to transform the way Mexican SMEs access capital," stated David Poritz, Co-CEO of Credijusto. "This financing will further support our growth trajectory and enable us to step-in and support the perennially underserved Mexican SME market segment as banks and other credit providers are retrenching," added Allan Apoj, the company's other Co-CEO.
This new credit facility is further validation of the company's multi-product platform as it will be focused on funding its expansion into equipment lease financing – adding to Credijusto's term loan and credit line products as well as its credit card which will be launched later this year.
Since its founding in 2015, Credijusto has sought to address the market inefficiencies largely present throughout the Mexican banking system. The company promotes financial inclusion by providing affordable asset-backed financing products. Using a combination of cutting-edge software design, innovative applications of data science, and advanced internal processes for decision-making and product structuring, Credijusto provides better-priced products, faster delivery and superior customer experience.
In its first five years of operation, Credijusto has successfully launched multiple financial products and originated over USD $120 million in term loans and leases, growing at a compounded annual rate of over +200%. This rapid growth and success has established Credijusto as a household name in the Mexican fintech space.
Credijusto's operational success has been supported by its strong fundraising track record. In 2019, the company raised a USD $42 million Series B led by Goldman Sachs and Point72 Ventures. Prior equity investors include Kaszek Ventures, QED Investors, John J. Mack, Victory Park Capital, Elevar Equity, Ignia, City Hall Capital and Broadhaven Ventures as well as debt facilities with institutional credit funds such as Goldman Sachs, Calvert Impact Capital, DFC (formerly OPIC), Promecap, Eiffel eCapital, Partners Group — and now Credit Suisse AG. Credijusto is based in Mexico City and currently employs 300 people.