(Press Release) Bamboo Finance led a US$7.5m Series A in kubo.financiero, a Mexican peer to peer lending platform. Endeavor Catalyst, Monex, KuE Capital and previous investors Alta Ventures, Capital Invent, Vander Capital Partners and Wayra participated.
kubo.financiero, the first credit marketplace regulated in Mexico, announced a US$7.5M Series A investment lead by Luxemburg based Bamboo Finance. Other new institutional investors include Endeavor Catalyst, leading Mexican financial institution Monex, family office KuE Capital and.a group of high-level angel investors led by Javier Molinar (ex CEO of IXE Grupo Financiero). Previous investors, including Alta Ventures Mexico Fund I, Capital Invent, Vander Capital Partners, Wayra amongst others, again particpated in the round.
Vicente Fenoll, founder and CEO mentioned: “This investment confirms the trust in kubo and in the Mexican FinTech industry. We are very happy with the participation of current and new investors. With this new round we will be able to speed up our disruptive business model, so that we can help our clients enjoy personal and economic benefits through the products and services we provide.”
Bernhard Eikenberg, Bamboo Finance Head of Investments for Latin America stated: “Through the combination of technology and data, kubo connects high quality borrowers with investors, thus making financial services more accessible and creating new business opportunities for its clients. kubo is reshaping the traditional micro lending industry in the region and we are excited to support this exceptional team and company.”
Heberto Taracena, managing partner at Capital Invent mentioned: “We are thrilled to continue supporting Vicente and his team in their important mission to strengthen the Mexican middle class through innovative financial services. We firmly believe that kubo will be the big success that the Mexican FinTech industry is waiting for.”
Diego Serebrisky, Managing Director of Alta Ventures Mexico Fund I, Dalus Capital and kubo’s board member indicated: “We decided to continue supporting the company in this round of financing as we are convinced that kubo is a leading FinTech company in Mexico and an exceptional peer-to-peer lending platform that fully complies with applicable regulation. The need for credit in Mexico is massive and kubo has structured a model that is not only able to tap into the unfulfilled need of credit, but also provide it at below competitor’s costs, which generates enormous benefits for people receiving loans and those using the platform to provide them with credit.”