Mexico based fintech platform Konfio has bagged $100 million from Japanese conglomerate SoftBank in its fourth funding round. The round also saw participation from QED Investors, Kaszek Ventures and Vostok Emerging Finance.
Before this round, Konfio had bagged $250 million in debt financing from Goldman Sachs and Victory Park Capital. The current infusion takes the total amount raised by the firm to over $300 million. International Finance Corporation, Jaguar Ventures are the other backers who have infused sum in the firm.
David Arana and Francisco Padilla founded the firm in 2013 as a platform that uses data for credit assessment for SMBs looking to grow their businesses. The firm plans to use the funds for the expansion of working-capital loans to SMBs along with launching new products.
Gregorio Tomassi who heads the investment-related stuff in the firm said that “We consider ourselves to be a tech company that’s focused on resolving one of the biggest problems for small and medium-sized businesses, which is access to credit. We grant quick loans based on technology, alternative data sources, artificial intelligence, and data science.”
SoftBank, which recently launched a $5 billion Latin American fund has been in the search of technology companies where it wants to infuse a large chunk of its capital. Apart from investing in Mexican firms, SoftBank has already given capital to a few Brazilian firms as well.
So, if you’re in Latin America and are running a technology startup, have a crack, you might get capital from one of the biggest investors in the world.
Image Courtesy : FintechFutures