July 31, 2019 |
Small and medium enterprises (SMEs) account for four out of five companies and more than half of Mexico’s GDP. Despite that economic clout, only two-thirds of them have access to credit, according to Moody’s Investors Service. Konfío hopes to change that.
Founded in 2013 by David Arana, a mathematician and veteran of Deutsche Bank in New York, and Francisco Padilla, a computer science expert, the Mexico City-based company is taking direct aim at the underserved SME community.
Since 2016 the founders have raised more than $100 million in a series of funding rounds that has attracted such venture capital firms as Bermuda-based Vostok Emerging Finance and US-based QED
Konfío, Dr. Consulta, The Not Company employ technology to tackle regional challenges