(Press Release) kubo.financiero adds new partners to its capital structure: Alta Ventures México and Capital Emprendedor with an investment of US$1.7m to reach a total of US$3.7m of capital.
With this investment, kubo.financiero aims to highly disrupt the financial sector in Mexico, by significantly reducing the interest rates to borrowers, and by creating a new asset class for retail investors seeking higher returns.
kubo.financiero is a fintech company that creates online financial communities that link creditworthy borrowers with savvy investors through a peer to peer lending (P2P) business model. We reduce intermediation costs by operating a branch-less model, and leveraging technology and credit information systems. With our P2P lending model we aim to connect a new market niche that offers a faster, smarter way to borrow and invest. With this strategic approach we hope to trigger a multiplier effect between supply and demand for finance that generates social and economic impact.
kubo.financiero started operations in August 2012, and we have now received 5,200 credit requests which has led to over 1,200 disbursements. Ninety percent of these loans support productive endeavors such as purchase of goods, equipment acquisition, debt replacement with higher rates, and some housing improvement loans and education, among others. Loans can have terms that range from 16 weeks to 18 months, and 95% of customers are paying 50% lower rates versus the ones they previously paid.