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Mexico’s kubo.financiero recently raised nearly $1.7 million in an investment round led by venture firms Alta Ventures Mexico and Capital Emprendedor, bringing the company’s total funding to $3.7 million. With this investment, kubo.financiero hopes to continue disrupting the financial sector in Mexico by significantly reducing interest rates to borrowers and creating a new asset class for investors across the region.
kubo.financiero is a pioneer in Mexico’s microfinance sector, offering online financial communities that link creditworthy borrowers with savvy investors through a peer to peer lending (P2P) business model. With a branch-less model that cuts overhead costs, kubo leverages technology and credit information systems that streamline the process of borrowing capital for everyone. kubo’s innovative model and strategic approach aims to encourage a “multiplier effect” for finance that can generate both economic and social impact.
Since its founding in 2012 by Endeavor Entrepreneur Vicente Fenoll Algorta, the company has met with nearly 5,200 credit requests leading to over 1,200 disbursements. Ninety percent of these loans support needs ranging from housing to education. The loans have terms that range from 16 weeks to 18 months, and nearly 95% of customers are paying 50% lower rates versus the ones they previously paid. The new venture firms in this recent round will join an existing group of angels and investors, including previous investors Vander Capital and Wayra.
Vicente joined Endeavor as an entrepreneur in 2004 as the founder of Fincomun before he went on to start kubo.financiero. 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 through donations.
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