In the midst of the strengthening of fintech in Mexico and Latin America, Finaktiva, the most important fintech in Colombia, is looking to reach the Mexican market in order to support SMEs and become the next largest neobank in the region.
The expansion plans of this fintech grew after acquiring Libera Supply Chain, a Colombian transactional platform specialized in factoring issues and after obtaining more than 8 million dollars in a round of financing in equity and debt, in which Acumen LatAm Impact participated. Ventures (ALIVE), an impact investment fund management firm sponsored by Acumen, Conny & Co AG, Trinity Capital, Invictum Capital and Andeo.
“Finaktiva sought to leverage the technology and the community developed by Libera, in order to add our experience, understanding the credit risk and payment capacity of small and medium-sized companies, so that they can access a massive digital invoice financing solution ”Said Pablo Santos, CEO of the company.
According to Santos, this is the best time to expand to other regions of Latin America, both because of the growth dynamics that the fintech ecosystem has presented, and because of the need to be a “vehicle” of financial support for These companies.
And it is that micro, small and medium-sized companies represent more than 90% of all companies in the region and generate on average 70% of total employment and 50% of GDP in Latin America, according to a survey carried out in more than 136 countries by the International Trade Center with the United Nations. Despite this, according to the McKensy Institute, 62% of MSMEs do not have access to financial loans, something that is key to their growth and development.
“We are aware of the driving force of capital, so we want to deliver in an agile and flexible way the most powerful fuel so that entrepreneurs can conquer their markets,” Santos highlighted.
To date, this fintech has raised more than 130 million dollars in equity and debt, backed by equity investments from funds such as Acumen LatAm Impact Ventures (ALIVE), Conny & Co AG (Trinity Capital), Invictum Capital and Andeo among others. . Likewise, it has funding facilities with institutions such as Sura Asset Management, Triodos, Bancoldex and Colombian commercial banks.
Despite the regulatory issue, Mexico continues to position itself as one of the main countries in the region to open the doors to these financial technology companies. According to Finnovista Fintech Radar, the fintech ecosystem in the country has had an average annual growth of 23 percent since 2016, and by 2019 it managed to grant more than 1,000 million pesos in credits and exceed 540,000 active users.
Now Finaktiva’s objective is to promote the growth of Mexican micro, small and medium-sized companies, through its financial services platform and with its different lines of financing.