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Credijusto buys a bank to serve X-Border SMEs

Mexican FinTech Company Credijusto bought Banco Finterra, a bank geared towards financial offerings for small businesses and the agricultural sector, according to a Tuesday (June 15) ad.

Credijusto says it’s the first Mexican FinTech to buy a regulated bank, turning into the only neobank in Latin America focused on working with small and medium enterprises (SMEs).

“Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexico. [SMBs], ”Credijusto Co-CEO Allan Apoj Pascal said in an ad. “This acquisition marks a major milestone in Mexico and the region, and we are proud to revolutionize the future of banking in Latin America. “

Co-CEO of Credijusto David Poritz also noted that the purchase of the company will provide a “cross-border digital experience” for companies engaged in trade between the United States and Mexico, “an opportunity that we see as a major growth engine for Credijusto”.

Banco Finterra, headquartered in Mexico City, was established in 2016, according to the announcement.

“We are very excited about this next phase of the bank and the benefits to come for Mexican businesses, leveraging the technology, agility and service of Credijusto,” said Banco CEO Finterra. Marc McCoy said in an ad.

Credijusto was established in 2015 and has built a “multi-product offering” that combines “cutting-edge software design, innovative data science applications and advanced internal processes,” according to the announcement.

Credijusto has secured over $ 400 million in equity and debt from various investors such as Credit Suisse, Goldman Sachs, New Residential Investment Corp., Point72 Ventures, QED Investors, Kaszek and John Mack.

In separate news, the Mexico-based fintech company Clip won $ 250 million from the SoftBank Latin America Fund in addition to Viking Global Investors.

Founder and CEO Adolfo Babatz noted in a press release that the company aims to have “Clip in all companies in Mexico”.

Clip, which was established in 2012, offers three payment devices – one of those devices is a $ 7 card reader that can be installed on smartphones.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.

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