IGNIA, Angel Ventures Mexico, ON Ventures, and GC Capital participated in a bridge funding round for Rocket.la, a Mexican fintech startup developing credit products for the under-banked.
(Press Release) Rocket (www.rocket.la), a fintech company that connects Latin Americans to their best options for credit products, announced the successful closing of a bridge funding round by leading Mexican venture capital firms IGNIA, Angel Ventures, ON Ventures and GC Capital.
Rocket links individuals, 60% of whom have no prior credit history, to an optimal suite of financial products that generate dramatically higher credit approval rates than those of traditional banks. Rocket also helps users increase their credit score by proposing actions to improve the management of their personal financial products. Rocket has developed two mathematical models that profile users according to their needs and probability of approval.
“We see a huge need for more awareness and better understanding of personal financing options in Mexico. Rocket is using its unique sourcing algorithms and credit scoring platform to help individuals find their best credit option, and financial institutions generate more accurate leads. This is only the beginning for Rocket, as this need from credit seekers and banks is prevalent throughout Latin America,” commented Alvaro Rodriguez, Co-Founder and Managing Partner of IGNIA.
“Rocket has positioned itself as the top choice for banking institutions for online acquisition, we are currently working with 10 top financial institutions in Mexico to improve their online processes and to design better products according to users’ needs. With this additional capital, Rocket will be able to expand its engineering team, accelerate new user growth and open in new geographies,” commented Daniel Rojas, CEO and Co-Founder of Rocket.
Camilo Kejner, Managing Partner of Angel Ventures, stated that “Rocket has created a wider funnel with higher quality and more precise leads than that of other companies in this market segment, leading to much larger approval rates. We were always curious as to what type of conversion rates Rocket would have as they escalated from 5,000 to 50,000 referrals a month, and the results have exceeded our expectations. Daniel and his team have managed to create a robust system and solid connections with large financial institutions that now rely on Rocket for quality leads”.