Mexico City /
Mexican fintech company Credigosto announced the purchase of a small local bank Finterra, which marks the first acquisition of a financial institution by a fintech company in the country.
eThe deal of less than 50 million dollars was closed last week Credijusto CEO David Buritz said in an interview that the combined assets of the two companies are about $300 million.
With the support of Finterra dedicated to granting loans to small businesses and the agricultural sector, Credijusto aims to increase services for Mexican companies that sell to the United States and establish business for U.S. companies that do business with Mexico.
“exist Huge financing needs of small businesses exporting to the US “He expects Credigosto to build a multi-million dollar portfolio between the United States and Latin America in the coming years,” Poritz said.
Credijusto and Winterra They lent over $2 billion to Small and medium-sized companies.
in a few years Credijusto could consider acquiring another bank in the US, And the emerging interest from fintech companies in buying banks is likely to grow, said Buritz.