August 11, 2021Mexico
The Mexico-based fintech that decided to buy a bank
In the six years since launching Credijusto, a Mexican fintech lending to small businesses, David Poritz and Allan Apoj delivered more than 250 per cent annual revenue growth and managed to turn Covid-19 into an opportunity.
Market concentration has left a funding gap for SMEs amounting to more than $160bn, according to the World Bank, the International Finance Corporation and the SME Finance Forum. Nevertheless, Credijusto has already issued some $500m to $600m in loans and aims to double the two companies’ combined client base to 12,000 by the end of this year, with a particular focus on the agricultural sector, which is poorly served by banks. Also, last year Credijusto became the first fintech in Mexico that bought a bank (bank Finterra).Moreover, in the middle of the Covid-19 pandemic, Credijusto owners launched a revolving, mortgage-backed credit line which proved a lifeline for restaurants.
