Latin American fintech platform AlphaCredit has reached an agreement to raise $125m in Series B equity financing round led by SoftBank’s Latin America Fund.
The technology-enabled financial platform offers credit lines to individuals and SMEs that are often underserved by traditional banks.
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It has so far lent more than $1bn to clients in Mexico and Colombia.
AlphaCredit said that it will use the funds to consolidate its place as one of the key financial technology platforms in Latin America.
SoftBank Group International managing investment partner Paulo Passoni said: “AlphaCredit provides fast, cheap credit lines to individuals and small companies via a programmed deduction system, which have low default rates thus allowing for low-interest rates.
“Their approach is superior to everyone who belongs to their ecosystems and why we are so excited to back these awesome entrepreneurs who are changing the landscape in Mexico and Colombia.”
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By GlobalDataThe deal is subject to the approval of Mexico’s competition authority, COFECE and certain third parties.
AlphaCredit cofounder and co-CEO Augusto Álvarez said: “Cutting edge technology and strong financial backing have allowed us to grow exponentially while promoting the economic development of a greater number of people that have limited access to credit.”
AlphaCredit cofounder and co-CEO José Luis Orozco added: “Through this equity investment we will continue to provide fast, easy and flexible loans for individuals and small businesses, helping them improve their quality of life and promoting economic growth.”
AlphaCredit delivers tailor-made lending platforms to consumers and SMEs through its platforms such as AXS Access, Check!, Alcanza Capital, and Bontu.
