After securing $4 million in pre-seed funding, the business lending startup is back with another $6 million in new funding.
In 2021, the company launched to the public and partners with financial institutions to help small businesses with their spend management, access digitalUnsecured Loans, open a bank account and obtain a business credit card.
According to Sebastian Robles, co-founder and CEO, business credit doesn't always come with an account, leaving business owners to use personal credit cards.
E- commerce is important because everyone wants to sell online. Most of our customers are moving online, but what has happened is that banks are more restricted with their products, making it harder for the unbanked or the underbanked to access decent financial services.
Robles said that Kredito takes on that risk by using a proprietary algorithm and alternative data to evaluate credit risk in real time. To reduce the cost of acquisition and gather data from customers, it created products with few requirements. Robles said that the account and corporate card can be used by anyone.
The company has raised over $11 million in equity and debt so far. The new capital came from a group of angel investors and family offices.
Robles wasn't necessarily planning to go after new capital soon. He needed to add to the small team in order to meet growth.
He said that the company has 100,000 accounts and 5,000 active users. As it continues to open thousands of new accounts each month, it is focused on maintaining that growth.
Robles plans to use the new capital to expand into new countries. He said that exporting Kredito's product will be important. The first thing the company will do is access data in multiple countries and replicate its strategies.
He said that internationalization was the main focus. There's a lot of work to be done. We need to do the same with other products as we have done with the loans. We will be focused on growth. We already have a good product, and now we want to grow it even more.
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