Konfío, the leading online lending platform for MSMEs in Mexico, raised USD 10 million led by the International Financial Corporation (IFC)

Mexico City, October 10, 2017. Konfío, the leading online lending platform for small businesses in Mexico, has successfully raised USD 10 million in its second round of financing. This Series B round was led by the International Finance Corporation (IFC), a member of the World Bank Group. The round also included seed-stage and Series A investors: QED Investors; Kaszek Ventures; Accion Frontier Inclusion Fund, managed by Quona Capital; Accion Venture Lab; and Jaguar Ventures.

The investment highlights the IFC’s participation, who is considered the largest global development institution focused exclusively on the private sector in developing countries. The IFC will support Konfío in mobilizing further capital for more MSMEs throughout Mexico.

“Our FinTech Investments team focuses on technology-driven innovation in financial infrastructure, products, services, and their distribution. By 2017 we had invested over $180 million in equity and debt in early- and growth-stage FinTech companies around the globe, and we are extremely excited to now invest in Konfío, whose solid business is also enabling thousands of MSMEs to accelerate their businesses” said Kai Martin Schmitz, who leads IFC’s FinTech Investments in Latin America.

Konfío is changing the financial ecosystem with working capital loans geared towards MSMEs. Through its online platform, Konfío processes thousands of data points from the MSMEs using big data analytics, and approves loans in real-time, allowing each applicant to save 2 months on average, compared to a brick and mortar process. Konfío also offers more competitive pricing than other unsecured products such as credit cards in Mexico, because of their ability to accurately do credit scoring for this market, and because they don’t require an entire team of credit analysts and branches in order to approve a loan. This makes it possible for underserved businesses – even those without any formal credit history – to benefit from the formal economy and get capital to boost their business.

Konfío launched its first product version in 2014; a term-loan with fixed installments and maximum loan amount of USD $50,000. With a growing client base of thousands of small businesses, Konfío is positioning itself as the leading MSME lending platform, addressing an estimated market of USD 20 billion.

“This new round of investment will be used to further improve Konfío’s product and user experience, and allow us to offer working capital to many more promising businesses throughout the country. We expect to accelerate growth, and have an even stronger positive impact on our clients and the local economy as a whole” said David Arana, Founder and CEO of Konfío.

“This is a great example of how the private sector can have an important contribution in helping small businesses. Thanks to the loans originated to date, more than 50,000 families have been positively impacted. Their businesses have grown sales, hired more people, and these families have improved their quality of life. We, as a company, are proud to have indirectly helped generate thousands of new jobs too. We believe in the power of entrepreneurship and are committed to help more business owners across the country achieve their dreams,” added Arana.


About Konfío

Konfío is the leading online lending platform for small businesses in Mexico that uses data for rapid credit assessment, allowing owners to focus on what’s important – growing their business. Their mission is to boost the regional economy with working capital loans for promising small businesses.

About the International Finance Corporation (IFC)

IFC, a member of the World Bank Group, is the leading international development institution dedicated exclusively to the private sector in developing countries. IFC is also a leader in mobilizing third-party resources to fund its projects. Their willingness to work in difficult environments and their leadership to attract private funding allow them to increase their influence and generate a development impact far beyond of what their direct resources allow. For more information please visit www.ifc.org.

About the Accion Frontier Inclusion Fund and Quona Capital

The Accion Frontier Inclusion Fund, managed by Quona Capital, is the first global fintech fund for the underserved, investing in innovative financial technology and services companies that promote financial inclusion for the three billion people around the world who are underserved by financial services. Quona Capital is an early growth-stage venture firm focused on financial technology for underserved consumers and businesses in emerging markets. The fund is sponsored by Accion, a global leader in inclusive finance with a rich history of double-bottom line investing, where its impact investments create positive economic and social returns. For further information, visit http://www.quona.com and http://www.accion.org/frontier.

About QED Investors

QED Investors is a boutique venture capital firm that actively supports high-growth businesses that use information to compete and win. Support is tailored to the specific needs of each portfolio company typically providing a combination of both capital and capability. QED’s Founding Partners bring 60+ years of hands-on operational expertise building financial services enterprises, having come from Capital One, and currently invest broadly in the financial services ecosystem as well as in disruptive data-driven customer acquisition businesses. For more information, visit www.qedinvestors.com.

About Kaszek Ventures

Kaszek Ventures is the leading Latin American venture capital firm investing in high-impact tech entrepreneurs. Founded by Nicolas Szekasy, MercadoLibre’s former CFO, and Hernan Kazah, MercadoLibre’s co-founder, the firm actively supports portfolio companies through value-added strategic guidance and operational support, supplying first-hand expertise and insights in strategy, operational execution, team-building, growth, technology, product, networking and more. For more information, visit www.kaszek.com.

About Jaguar Ventures

Jaguar Ventures is a venture capital fund focused on early stage Internet ventures in Latin America. Co-founded by Eric Perez-Grovas and Cristobal Perdomo, two well-known and highly regarded Internet entrepreneurs, with previous experience in important Internet companies such as MercadoLibre, Navent and Groupalia. Jaguar invests in innovative companies with the potential to transform their industries and is the only fund in Mexico and the region exclusively focused on Internet ventures. For more information please visit www.jaguarvc.com.

About Accion Venture Lab

Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. Venture Lab invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Since launching in 2012, Venture Lab has deployed over US$10 million across more than 25 startups that work in over 20 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable soluti
ons at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. For further information, visit https://www.accion.org/venturelab.

Sign up to receive emails