Kiwi, a San Juan, Puerto Rico-based fintech dedicated to helping consumers build credit history and improve financial literacy, raised $75m credit facility and $4.5m pre-series A funding round.
The debt financing was provided by i80 Group, while Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round.
The company intends to use the funds to continue to expand its services and reach more customers across the US and Latin America.
Founded in 2020 by Mariano Sanz and Alexander Schachter, Kiwi is dedicated to helping consumers build credit history and improve financial literacy. The company is committed to addressing the financial challenges faced by millions of Latino consumers in the US, many of whom often lack credit history and are excluded from the traditional financial system. Utilizing proprietary AI and machine learning models, it provides borrowers with capital, enabling them to build their credit profiles and manage everyday expenses.
With a customer base of over 30,000, Kiwi has already demonstrated its leadership in its market. Now, the company is set for a phase of growth and plans to introduce new products to establish itself as the primary platform where underbanked Latinos access a broader suite of financial services.
FinSMEs
22/05/2023