(Press Release) Kueski, the leading online micro-lending platform for Mexico and Latin America, announced its first round of investment totaling US$1.3m, backed by some of the most prominent Venture Capital funds in Mexico and the United States.
This first round of investment will be used to build a world-class team, increase service awareness, automate the operations and refine the risk models.
Based in Guadalajara, Mexico, Kueski offers online loans in Mexico approving and delivering loans in a matter of minutes. Developed by a group of PhDs, Kueski uses a complex risk algorithm based on multiple data sources to assess credit worthiness. The risk model accounts for many factors, including a customer’s social media profile, credit history, and behavior within their website.
The seed round was co-lead by CrunchFund and Core Ventures Group and was followed by Angel Ventures Mexico, The Sobrato Family Holdings, Ariel Poler, Guadalajara Angel Investor Network and Javier Orozco. This is the first time that CrunchFund, Core Ventures Group and The Sobrato Family Holdings invest in a company based in Latin America.
Patrick Gallagher, Partner at CrunchFund commented: “I have been investing in technology ventures for many years, and I had not seen a team in Latin America as smart as Kueski. I was struck by their level of sophistication, and I am very excited about the opportunity to build a better way to do alternative credit risk assessment in developing countries like Mexico where credit is much needed. They are truly pushing the boundaries for financial services in Latin America.”
Kueski’s customer base has rapidly grown since its launch. The company has achieved double-digit growth month over month since its inception to market. Kueski has already granted thousands of loans thanks to the capability of its platform to scale and support the vast demand for credit in Mexico.
“Kueski’s technologies will enable access to dozens of millions of users that need credit in Latin America,” said Ariel Poler, investor in Kueski and serial entrepreneur. “The economic impact in countries like Mexico is tremendous and the ability to assess credit worthiness in a matter of seconds will disrupt the banking industry in Mexico which is known to be among the most profitable in the World.”
Adalberto Flores, CEO of Kueski says, “Technology is making it possible to provide lower risk loans to dozens of millions of Mexicans that have been traditionally underserved for decades by traditional financial institutions. We are delighted to have CrunchFund and Core Ventures Group cross the border and lead Kueski’s investment. Additionally, we are proud to have Angel Ventures Mexico, GAIN and Javier Orozco join as our local investors. The team is very satisfied with the progress we’ve made so far, and we are committed to offer our users the best online credit experience in emerging countries.”
Kueski is the leading online micro-lending platform in Mexico and Latin America. The company uses big data and advanced analytics to approve and deliver loans in a matter of minutes. Simple, paperless and available 24/7, Kueski is the most convenient lending platform for those who need an immediate loan. The company has become the fastest growing platform of its kind in the region and has already granted thousands of loans.