The round represents the largest funding thus far for a fintech firm in Mexico.
Kueski, one of the leading online lenders to the middle-class demographic in Mexico and founded in 2012, today announced that it secured a $35 million round of equity and debt funding, led by a consortium of investors representing the largest capital funding thus far for a fintech company in the country.
The funding consisted of a $10 million equity investment that was co-led by investors Richmond Global Ventures, Rise Capital, CrunchFund and Variv Capital, and with participation from Victory Park Capital and existing investors Angel Ventures Mexico, Core Ventures Group and Auria Capital, according to the company’s press release. As part of the deal, the amount of overall funding has the potential to increase to $100 million, subject to contingent terms. In similar news today the micro-investing company Acorn said that it secured a $30 million round from PayPal and group of investors.
Real-time microfinance
Kueski provides online microloans to Mexican consumers by leveraging big data analytics with machine learning to build a credit risk profile for each customer in order to quickly determine whether the applicant’s loan request is approved or rejected in real-time. The company's website depicts loan amounts that range up to $2000, with a repay period of up to thirty days. The firm is regulated by the National Banking and Securities Commission (CNBV) in Mexico.
Adalberto Flores, co-founder and CEO of Kueski, commenting in the press release regarding the deal: “We feel honored to partner with such an incredible group of investors. Their expertise in emerging markets and online lending businesses will enable our company to advance our market leadership and launch additional products in order to position Kueski as a leader in online lending for all of Latin America.”
Microloans aimed for Latin America
Peter Kellner, managing partner of Richmond Global Ventures and co-founder of Endeavor Global, a business group in Mexico, commented in the official press release: “Mexico is currently experiencing a historical moment in building a strong foundation for the future dominant online lending platforms to be built. Formal credit is not available to 85 percent of the population in Mexico. When you see such an important and large market opportunity being pursued by a world-class analytics team, it was a very easy decision to invest in the company.”
Mr. Kellner will be joining the Board of Directors (BoD) at Kueski, and follows Patrick Gallagher, partner of CrunchFund - which also lead the equity round announced today - joining the company’s BoD in 2014, according to the update.
“We are excited to partner with Kueski as both a debt and equity investor and believe in the transformational capability of what the team is building,” said Philip Nanney, a vice president at Victory Park Capital, commenting in the press release. “We are confident that Kueski will soon be a dominant source of credit in Latin America as it leverages a highly sophisticated approach to lending, one that enables Risk Management via learning, and adaptation over time.”
Finance Magnates is proud to present its inaugural TLV Conference, to be held on the 29th of June. Apart from the invaluable networking opportunities, the agenda is packed with panels, masterclasses and keynote speeches geared towards the subject of fintech. Industry leaders will be discussing subjects such as marketing automation, cybersecurity, financial regulation and Cryptocurrencies, with a focus on the booming Israeli fintech scene. In keeping with this, there will also be a fintech spotlight session in which a lineup of firms will each have four minutes to pitch their exciting products, culminating in an award presented to the most promising.
Kueski, one of the leading online lenders to the middle-class demographic in Mexico and founded in 2012, today announced that it secured a $35 million round of equity and debt funding, led by a consortium of investors representing the largest capital funding thus far for a fintech company in the country.
The funding consisted of a $10 million equity investment that was co-led by investors Richmond Global Ventures, Rise Capital, CrunchFund and Variv Capital, and with participation from Victory Park Capital and existing investors Angel Ventures Mexico, Core Ventures Group and Auria Capital, according to the company’s press release. As part of the deal, the amount of overall funding has the potential to increase to $100 million, subject to contingent terms. In similar news today the micro-investing company Acorn said that it secured a $30 million round from PayPal and group of investors.
Real-time microfinance
Kueski provides online microloans to Mexican consumers by leveraging big data analytics with machine learning to build a credit risk profile for each customer in order to quickly determine whether the applicant’s loan request is approved or rejected in real-time. The company's website depicts loan amounts that range up to $2000, with a repay period of up to thirty days. The firm is regulated by the National Banking and Securities Commission (CNBV) in Mexico.
Adalberto Flores, co-founder and CEO of Kueski, commenting in the press release regarding the deal: “We feel honored to partner with such an incredible group of investors. Their expertise in emerging markets and online lending businesses will enable our company to advance our market leadership and launch additional products in order to position Kueski as a leader in online lending for all of Latin America.”
Microloans aimed for Latin America
Peter Kellner, managing partner of Richmond Global Ventures and co-founder of Endeavor Global, a business group in Mexico, commented in the official press release: “Mexico is currently experiencing a historical moment in building a strong foundation for the future dominant online lending platforms to be built. Formal credit is not available to 85 percent of the population in Mexico. When you see such an important and large market opportunity being pursued by a world-class analytics team, it was a very easy decision to invest in the company.”
Mr. Kellner will be joining the Board of Directors (BoD) at Kueski, and follows Patrick Gallagher, partner of CrunchFund - which also lead the equity round announced today - joining the company’s BoD in 2014, according to the update.
“We are excited to partner with Kueski as both a debt and equity investor and believe in the transformational capability of what the team is building,” said Philip Nanney, a vice president at Victory Park Capital, commenting in the press release. “We are confident that Kueski will soon be a dominant source of credit in Latin America as it leverages a highly sophisticated approach to lending, one that enables Risk Management via learning, and adaptation over time.”
Finance Magnates is proud to present its inaugural TLV Conference, to be held on the 29th of June. Apart from the invaluable networking opportunities, the agenda is packed with panels, masterclasses and keynote speeches geared towards the subject of fintech. Industry leaders will be discussing subjects such as marketing automation, cybersecurity, financial regulation and Cryptocurrencies, with a focus on the booming Israeli fintech scene. In keeping with this, there will also be a fintech spotlight session in which a lineup of firms will each have four minutes to pitch their exciting products, culminating in an award presented to the most promising.
Crypto Gets Second Chance: Stripe Re-enters the Sector with Stablecoins
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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