Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico. Let’s dive in! Follow The Money FinTech Baubap secures US$ 120 million in debt The microlending startup in Mexico has secured US$ 120 million in debt financing from SixPoint Capital Management. This capital will enhance Baubap's lending operations aimed at underserved borrowers, using its app-based service to provide quick microloans. Since its establishment in 2018, Baubap has grown to service half a million active loans monthly and plans to expand its customer base to 1.4 million this year. This latest funding round follows previous capital injections, including US$ 20 million from Park Cities Asset Management and US$3 million in seed funding from Grupo Grameen. CEO Roberto Salcedo views the financing as a means to support millions in Mexico, providing a viable alternative to more costly informal loans.
Ep. 79: Mexican FinTechs are still in the game
Ep. 79: Mexican FinTechs are still in the…
Ep. 79: Mexican FinTechs are still in the game
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico. Let’s dive in! Follow The Money FinTech Baubap secures US$ 120 million in debt The microlending startup in Mexico has secured US$ 120 million in debt financing from SixPoint Capital Management. This capital will enhance Baubap's lending operations aimed at underserved borrowers, using its app-based service to provide quick microloans. Since its establishment in 2018, Baubap has grown to service half a million active loans monthly and plans to expand its customer base to 1.4 million this year. This latest funding round follows previous capital injections, including US$ 20 million from Park Cities Asset Management and US$3 million in seed funding from Grupo Grameen. CEO Roberto Salcedo views the financing as a means to support millions in Mexico, providing a viable alternative to more costly informal loans.