LatAm Fintech Kiwi Raises $80M to Bring Credit Access to US Underbanked Consumers
SAN JUAN, Puerto Rico, May 22, 2023–(BUSINESS WIRE)–Kiwi, a fintech dedicated to helping consumers build credit history and improve financial literacy, today announced that it has closed a $75 million credit facility and $4.5 million pre-Series A funding round. The debt financing was provided by i80 Group, an investment company specializing in providing credit solutions to growth companies, while Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round.
Founded in 2020 by first-generation immigrants Mariano Sanz and Alexander Schachter, Kiwi is committed to addressing the financial challenges faced by millions of Latino consumers in the United States. These people often lack credit history and are excluded from the traditional financial system. Using proprietary AI and machine learning models, Kiwi provides thin-file borrowers with affordable capital, allowing them to build credit profiles and manage day-to-day expenses.
With a strong customer base of over 30,000, Kiwi has already demonstrated its leadership in its market. Now, fueled by new funding and an increase in demand, the company is poised for a phase of exponential growth. The company plans to introduce new products to establish itself as the primary platform where underbanked Latinos can access a broader suite of financial services.
“Our investors’ support is a testament to the value of our mission and the impact we have on our customers’ lives,” said Mariano Sanz, co-founder and CEO of Kiwi. “We take pride in equipping underserved Latino immigrants with the tools and resources necessary to establish credit and secure access to capital. Addressing the difficulties that underbanked consumers face in joining the traditional credit system will have the most significant positive impact on their financial lives. remain dedicated to growing and expanding our services to serve more clients across the US and eventually Latin America.”
Market statistics show that US Latinos are the fastest growing and largest minority group in the country, for example, making up over 18% of the total US population. With more than 60 million American Latinos, this number is expected to exceed 100 million in the coming decades. If compared to global economies, America’s Latino GDP would rank fifth highest worldwide.
“We are delighted to support Kiwi in their mission to promote financial inclusion among Latin American sub-banks,” said Edward Goldstein, CEO of i80 Group. “Kiwi’s innovative approach to credit access and their strong customer reception make them a leader in the market and position them well to provide vital financial resources to people in need. We look forward to seeing their continued growth and success.”
Kiwi plans to use the funding to continue to expand its services and reach more customers across the US and Latin America.
About Kiwis
Founded in 2020 by immigrants Mariano Sanz and Alexander Schachter, Kiwi is a fintech company dedicated to helping consumers build credit histories and improve financial literacy. The company is committed to addressing the financial challenges faced by millions of Latino consumers in the United States, many of whom often lack credit history and are excluded from the traditional financial system. Using proprietary AI and machine learning models, Kiwi provides borrowers with affordable capital, allowing them to build credit profiles and manage day-to-day expenses. For more information, please visit www.kiwicredito.com
About the i80 Group
i80 Group is an investment company designed to drive the innovation economy forward by strengthening growth. The firm offers tailored financing solutions unique to each investment partner’s needs and designed to help businesses progress through critical growth milestones. The firm has offices in New York, San Francisco and London. For more information, please visit www.i80group.com.
About Advent-Morro Equity Partners
Based in San Juan, Puerto Rico, Advent-Morro Equity Partners, and its technology venture fund Morro Ventures, is a leading private equity firm investing in early-stage and growth opportunities in Puerto Rico and across Latin American and US Latin American markets. Advent-Morro was founded in 1989 and has been a supportive financing and operating partner for companies in countless industries and stages of development. For more information, please visit www.adventmorro.com.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230522005241/en/
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