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News Article

Konfio Becomes the New Mexican Unicorn

By Sofía Hanna | Wed, 09/29/2021 - 19:18

Mexican technology company Konfio became the new Mexican unicorn after having achieved an additional capital injection of US$110 million.  The platform aims to drive business growth in Mexico with financing, management and payment solutions,

 

Konfio is consolidating its market position to continue promoting financial inclusion and help business owners improve their productivity and cost-effectiveness, as reported by MBN. The platform was founded in January 2014 and recently completed the acquisition of “Sr. Pago.” In June 2021, Konfio acquired funding for the equivalent of US$125 million for a total of US$235 million in the capital, reaching a valuation of US$1.3 billion and turning into a unicorn. “Without a doubt, this stage commits us more to each and every one of our clients, collaborators and investors, confirming that we continue to grow to be the best ally that drives Mexican companies,” the company comments in its official notice

 

Konfio’s model is based on offering a unique space for companies in Mexico, which allows them to prosper by accessing financial services, payments and business tools on the same platform. They offer financial services, agile credit underwriting, monitoring and collection models based on AI. Konfio has also introduced a B2B payment platform called Pagos, which also integrates B2C payments for SMEs.

 

“SMEs in Mexico are very underserved and we are committed to meeting their needs by maximizing the use of data and technology. We are convinced that a long-term strategy to serve them is favored by an integrated multi-product approach, where credit is an important lever and through which customer interactions are optimized,” said David Arana, Founder and CEO of Konfío.

 

The next step for the company is to “use the funds to expand the offer of its platform in the Mexican market, and at the same time, it will continue to search for new acquisitions and integrations that help consolidate the offer. Konfío as the preferred platform for growing companies” reads its press release. With Konfio, Mexico now has five unicorn companies: Kavak, a platform for buying and selling pre-owned cars; Bitso, a crypto exchange; Clip, which offers card payment services to SMEs; and GBM, a brokerage house. 

The data used in this article was sourced from:  
Konfio, MBN
Photo by:   Morgan Housel, Unsplash
Sofía Hanna Sofía Hanna Junior Journalist and Industry Analyst