Oikocredit invests in fintech KU-BO FINANCIERO, S.A. DE C.V., S.F.P. (Ku-Bo) to support people in Mexico without access to financial services
Amersfoort, the Netherlands / Mexico City, Mexico – Social impact investor Oikocredit has provided financing to Ku-Bo, a Mexican fintech specialised in crowdfunding and peer-to-peer lending aimed at individuals within the medium and low socio-economic sector of the population with limited access to credit.
The loan from Oikocredit will be invested in expanding Ku-Bo’s portfolio via its 100% digital platform.
Ku-Bo was founded in 2012 and is a regulated fintech that operates across Mexico. Its main markets are in two states: Mexico City and the State of Mexico, the latter with the third-highest poverty rates in Mexico1 which together account for 61% of Ku-Bo’s portfolio.
Ku-Bo is committed to strong client protection procedures and continued client feedback. It employs 141 people in Mexico City and has financed more than 13,414 clients for 752 million MXN (around 35.9 million EUR) since its inception.
Vicente Fenoll, Ku-Bo’s Founder and CEO, said: “We aim to provide 2.5 million people in Mexico with a unique digital platform for financial services to enhance their social and economic opportunities and support their families. We feel very close to Oikocredit’s mission and are sure that the funding will help to improve people’s lives.”
Carlos Rius, Oikocredit’s Senior Investment Manager for its Mexico office, said: “We’re proud to be partnering with Ku-Bo. Their approach to providing affordable financing for individuals excluded from the traditional financial system strongly aligns with Oikocredit’s mission to improve the lives of people on low incomes and promote financial inclusion in Mexico. We’re enthusiastic about Ku-Bo’s potential as an innovator and frontrunner to create a positive social and economic impact within the Mexican fintech space, breaking away from the traditional paradigms characteristic of Mexico’s financial landscape.”
In Mexico there are around 55.3 million Mexicans or 46.2% of the population below the poverty line with the second-lowest financial inclusion ratios in Latin America2, also, the cost of lending is one of the highest in Latin America, further limiting the ability of low-income individuals to improve their livelihoods.
For more information: https://www.kubofinanciero.com/Kubo/Portal/index.xhtml (in Spanish)
Social impact investor and worldwide cooperative Oikocredit has over 40 years’ experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to sustainably improve their living standards.
Oikocredit finances over 680 partners in approximately 70 countries, with total outstanding capital of € 1,046.6 million (as at 31 December 2018).
For more information: http://www.oikocredit.coop
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