Dila Capital led a US$1.6m investment in Camino Financial, an online loan platform for Hispanic small businesses based in the US. Collaborative Fund invested previously.
(Press Release) Camino Financial is a financial services company that focuses on the Hispanic business community, with an unmet demand for credit of US$6.8 billion in the United States.
The company closed a financing round through a convertible note to 24 months led by DILA CAPITAL, for a total of US$1.6M.
It is a disruptive technology platform that grants loans online in less than 48 hours. The company reduces the risk of fraud through historical data, assessment processes and risk management in a fully automated process. Camino Financial has created a loan product together with an educational experience, providing companies with continuous supervision and counselling to help them improve their financial performance in long-term loans. It offers loans to small businesses, who have difficulty obtaining a bank loan and providing fast access to capital.
“We are very excited to see Mexican entrepreneurs thrive and find opportunities where DILA can add value to interact in the Mexican and North American market.” said Eduardo Key, Managing Partner of DILA Capital.
The investment will be destined for the credit financing, technology development for assessment processes, digital marketing expenses and payroll.
Sean and Kenny Salas, two twin brothers of Mexican parents, are the founders of the platform. The brothers have an interesting path with a master’s degree from Harvard and working experience at UBS and Barclays, respectively. The entrepreneurs grew up in Mexico until they were 20 years old, creating a passion to help Mexicans on the other side of the border. Their motto is never leave a Hispanic business behind, “Together, Forward”.