Founded in 2015, by David Poritz and Allan Apoj, Credijusto is an online lending platform that offers credit to small and medium enterprises (SMEs) in Mexico. They focus their offerings on asset-backed loans and equipment leases.
Their credit model focuses on the health of the business: this is the stability of the business, the debt-to-income ratio, collateral guarantees, profitability and growth indicators and credit history. Allan Apoj, co-founder and Co-CEO, said of their approach:
The company's innovative technology and its disruption of traditional underwriting models are reshaping the lending landscape.
According to the Bank of Mexico, most Mexican banks target large corporations, home mortgages and consumers for lending. Eighty percent of SMEs rely on supplier financing rather than bank credit.
Credijusto has launched multiple financial products and originated over USD $70 million in term loans and leases. They grew at a compounded annual rate of over 275%. Three percent of Credijusto's borrowers defaulted on their loans in 2018.
In March of 2019, Credijusto announced it closed a credit facility with Goldman Sachs for up to USD $100 million. Jason Nassof, a Vice President at Goldman Sachs, said of the funding:
With its strong management team and tech-enabled business model, Credijusto is well-positioned to become a leader in the Mexican SME lending market.
In August of 2019, Credijusto finished a Series B funding round lead by Goldman Sachs and Point72 Ventures. They raised USD $42 million. Other investors included Thomvest Ventures, Wolfson Group, Third Lake Capital and Argo Ventures. Existing investors Kaszek Ventures, QED Investors, Broadhaven Capital Partners, John J. Mack and Supernode Ventures joined the round.
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