Mexican lending platform Crediclub has secured an undisclosed sum in funding from consumer-focused private equity firm L Catterton.
As per the agreement, L Catterton will acquire a minority stake in Crediclub.
Crediclub will use the capital to expand its portfolio of products, enhance technological capabilities, promote the brand, and invest in customer acquisition.
Crediclub is a non-bank financial institution, which has disbursed more than $2bn in loans since its inception in 2005.
It also offers a fully digital investment offering, which is said to allow customers to manage and grow their savings.
Crediclub CEO and co-founder Juan Francisco Fernandez said: “With the development of innovative financial services tailored to the needs of the underbanked Mexican consumer, Crediclub has become a powerful alternative to traditional banks.
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“Our partnership with L Catterton will allow us to significantly grow and scale our business further while preserving the quality and customer experience that set us apart.”
L Catterton Latin America partner Ramiro Lauzan said: “Crediclub’s defining features have been performance and impact. Not only does it have some of the best underwriting, operating, and funding capabilities in the industry, it has also consistently improved standards of living in Mexico by driving financial inclusion, notably among women.
“Going forward, we expect innovation to become another hallmark of Crediclub, as it disrupts the market with new, better, more accessible financial products.”