Softbank investment in Mexican fintech AlphaCredit
The Mexican startup fintech AlphaCredit, which specializes in offering consumer credit and also to small and medium enterprises (SMEs), completed the endorsement of the Federal Commission of Economic Competition (Cofece) to receive the $100 million dollars it obtained after a round of investment led by the Latin American arm of the Japanese fund Softbank.
Jose Luis Orozco, one of the two founders of the financial technology company, said that this approval, which joins new and current investors to the company, coupled with placement of international notes for $400 million dollars achieved last February, puts the company today in a position to maintain and increase its supply of loans during times like those experienced today.
"This capitalization puts us in a solid financial position to continue supporting our customers during the current liquidity crisis resulting from the Covid-19 pandemic, with timely and rapid credit," said Orozco.
The company said that among the objectives they have for the use of the capital received from the investment is also to continue its expansion process. As of today, the firm already has, in addition to Mexico, a presence in Colombia.
The company founded in 2011 has a total of 68 credit branches opened in the country, in addition to 25 on South American soil.
According to AlphaCredit data, from the beginning until today the company, which has 1,300 employees between its two offices, has completed the delivery of about 590,000 loans, to a base of just over 360,000 customers.
With this investment received from the Latin American fund of Softbank, which has more than $5 billion dollars in capital to be placed in the region, AlphaCredit joins other Mexican companies that have previously received money from this exchange, such as Clip and Konfio.