Camino Financial, a Los Angeles, CA-based data-driven fintech platform providing affordable small business loans to Latinx businesses, closed an $8m Series A funding.
The round was led by Mexico-based financial services company Crédito Real (ticker: CREAL.MX).
In conjunction with this deal, $3m in notes – led in financing by Mexico-based venture capital firm DILA Capital, alongside 10x Capital Management and other existing investors – will convert into equity.
The company intends to use the funds to build its AI-driven business intelligence capabilities for the U.S. Latinx economy.
Led by Sean Salas, CEO, Camino Financial provides a platform with a focus on lending to U.S.-based Latinx businesses,
The Series A round follows the September 2018 launch of a joint Crédito Real and Camino Financial credit facility focused on lending to U.S. Latinx businesses. Since inception, this credit facility has deployed more than $30 million in loans.
Based in Mexico, Crédito Real has a large presence across Latin America and in the U.S., and as of 3Q19 has $2.2 billion loans outstanding on its balance sheet. Additionally, Crédito Real has raised over $780 million in debt financing in 2019.