Kueski Secures Largest Capital Funding for FinTech Startup in Mexico
Apr 21, 2016
Unprecedented funding for leading online lending platform in Mexico positions Kueski to capitalize on first mover advantage and continue market expansion
SAN FRANCISCO, CA – April 21, 2016 – Kueski, the leading online lending company in Mexico offering real-time, micro loans to Mexican consumers, announced today the close of a US$35 million round of equity and debt funding, with the potential to increase to US$100 million in total funding, the largest capital funding in Mexico for a fintech startup. The US$10 million equity investment was co-led by investors Richmond Global Ventures, Rise Capital, CrunchFund and Variv Capital, with participation from Victory Park Capital and existing investors Angel Ventures Mexico, Core Ventures Group and Auria Capital.
Kueski will use the funds to accelerate portfolio growth, expand its world-class team and extend its brand presence throughout the region.
“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,” commented Adalberto Flores, co-founder and CEO of Kueski.
Peter Kellner, managing partner of Richmond Global Ventures and co-founder of Endeavor Global, one of the most influential business groups in Mexico, commented: “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.”
Kellner will be joining Kueski’s Board of Directors. Patrick Gallagher, partner of CrunchFund and co-lead of this equity round, has been a member of Kueski’s Board of Directors since 2014.
“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,” adds Philip Nanney, a vice president at Victory Park Capital. “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.”
Kueski is the leading online lender for the middle class of Mexico. Kueski enables users to apply for a loan online and applies big data and machine learning to users’ credit history, their digital footprint and other online information available to build a credit risk model that will approve or reject loan applications in a matter of seconds. The company was founded in 2012, has grown 7X+ annually since launch, and has achieved better loss rates than a traditional credit card in Mexico. For more information visit www.kueski.com.
About Richmond Global
Richmond Global Ventures invests in global venture opportunities that can “scale up” rapidly, with an emphasis on market disruptive technologies that create dominant platforms or networks. Richmond’s managing partners, Peter Kellner and David Frazee, have each been involved in global venture capital investing since the 1990s and have worked together for over a decade on transactions spanning five continents. For more information visit www.rglobal.com.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco. For more information, please visit www.victoryparkcapital.com.