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The Mexico City-based kubo.financiero, founded by Endeavor Entrepreneur Vicente Fenoll, recently received authorization from The National Banking Commission of Mexico (CNBV) to become the first regulated peer-to-peer (P2P) lending platform in the country. Kubo.financiero is a microfinance institution that provides accessible and affordable loans to borrowers in Mexico that can be used for everything from education to working capital.
With proprietary algorithms, kubo identifies a wide range of credit risk profiles to properly screen borrowers with a proven track record of credit worthiness. For each profile, interested investors can find detailed information that will help them make smart decisions while constructing their loan portfolio. Kubo provides search tools for better browsing and filtering of projects across wide-ranging alternatives. This encourages investors to spread their capital across many projects and diversify their risk. Each person can minimally open their account with 10,000 pesos MXN and they can fund any project with a minimum allocation of 100 pesos MXN each. Kubo’s business model introduces opportunities both for borrowers and for retail-investors by leveraging technology and data-driven selection processes, enabling them to offer much lower interest rates compared to other consumer and microfinance loans. This authorization news is a significant step for the company as it brings transparency, clarity in operating procedures, and legal certainty to its the investors.
“Kubo’s business model is designed to bring people together around an intelligent use of financial services,” said Vicente, kubo’s current CEO. Since its founding in 2012, kubo has given out 2,200 loans that represent $46 million pesos MXN. These numbers of loans were originated by processing over 18,000 credit applications.
Vicente joined Endeavor as an entrepreneur in 2004 as the founder of Fincomun before he went on to start kubo. With kubo, Vicente and his team have been active members of the network, participating in Endeavor Investor Network events, working with expert mentors, receiving support from the EY Vantage and eMBA programs, and giving back to Endeavor Mexico.
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