Credijusto closes $100m credit facility with Goldman Sachs
Mexican lender Credijusto has closed a credit facility with Goldman Sachs for up to $100 million.
The transaction provides Credijusto with the funding capacity to expand across Mexico to give access to funding to small and medium-sized enterprises (SMEs).
“This credit facility represents a significant milestone for Credijusto and allows us to continue to transform the way Mexican SMEs access capital,” stated David Poritz, Co-CEO of Credijusto.
According to official data, SMEs make up 99% of businesses and account for 74% of total employment in Mexico, yet only receive 15% of total outstanding credit, as banks reject over 80% of all loan applications from SMEs.
The company promotes financial inclusion by providing affordable asset-backed loans and equipment leases. It claims to use software design, data science and advanced internal processes for decision-making and product structuring, to offer better-priced products.
“The fintech landscape is significantly less crowded in Mexico than it is in the US and there are openings for companies to grab market share and improve structural inefficiencies,” notes Jason Nassof, vice president at Goldman Sachs.
In its first four years of operation, Credijusto has successfully launched multiple financial products and originated over $70 million in term loans and leases.
In 2018, the company raised a Series A financing led by Kaszek Ventures and QED Investors. Prior equity investors include John J. Mack, Victory Park Capital, Elevar Equity, City Hall Capital and Broadhaven Capital Partners, and the company has active debt facilities with institutional credit funds such as Promecap, Eiffel eCapital, PG Impact — and now Goldman Sachs.
