Mexican SME lending platform Credijusto has acquired local lender Banco Finterrato for an undisclosed sum.

Based in Mexico City, Banco Finterrato focuses on providing financing solutions to small businesses and the agriculture sector.

According to Credijustot, it is the first Mexican fintech to acquire a regulated bank.

The acquisition is expected to strengthen Credijusto’s position as one of the largest fintechs in the Latin America region.

It will double the size of the business and will enable Credijusto to provide more diversified product offerings.

Additionally, the deal will enable the fintech to enhance banking services for businesses engaged in cross-border trade between the US and Mexico.

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By GlobalData

Credijusto co-CEO Allan Apoj said: “Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican SMEs.

“This acquisition marks a major milestone in Mexico and the region, and we are proud to be revolutionising the future of banking in Latin America.”

Banco Finterra CEO Mark McCoy said: “We are very excited for this next phase of the bank and the benefits to come for Mexican businesses, leveraging Credijusto’s technology, agility and service.”

Founded in 2015, Credijusto primarily serves underbanked and SME market in Mexico. It counts Goldman Sachs, Credit Suisse and Point72 Ventures among others as its investors.