Mexico continues to be among the many international locations seeing essentially the most progress of their fintech ecosystem this yr.
Fairplay, a Mexican e-commerce revenue-based financing platform, lately introduced that it had secured a $100 million credit score line from Group Funding Administration LLC (CIM).
Fairplay gives know-how and financing options for e-commerce companies and market sellers in Mexico.
With this new funding — in whose modality a number of unicorns within the area, comparable to Kavak, Rappi, and Clara, have already participated — the fintech will search to develop its monetary merchandise to offer quick, versatile, and honest financing choices for an underserved and high-growth market in Mexico and the remainder of the continent.
Empowering small entrepreneurs with a good financing platform
“We’re very completely happy to have Group Funding Administration LLC (“CIM”) as a associate in our mission to empower the expansion of entrepreneurs pretty and proceed to construct know-how and monetary merchandise that speed up the aggressive capabilities of entrepreneurs,” mentioned Manolo Atala, co-founder, and CEO of Fairplay, in a press release.

In accordance with the chief, “This line of credit score will enable us to scale our platform and supply much more versatile financing choices to an underserved however high-growth market within the nation. We’re additionally grateful for the continued assist of our inside buyers, who share our imaginative and prescient of constructing Latin America extra equitable and affluent,” he added.
Along with this latest credit score line, Fairplay has secured $8.5 million in capital from different related funds, comparable to Dila Capital, Elevar Fairness, Speedinvest, Nazca, and Kayyak Ventures.
Fairplay works with a number of industry-leading companions, comparable to Determine, Octane, and Splash Monetary.
Serving to develop the underserved enterprise ecosystem
Lately, the corporate has been seeking to refine its financing platform to assist small entrepreneurs who can’t search loans from conventional banks.
The fintech’s platform appears to be like to supply beforehand unsuccessful mortgage candidates a second look by way of fine-tuned algorithms that take into account populations that haven’t traditionally had entry to credit score.
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On this means, monetary establishments partnered with Fairplay have the chance to make extra knowledgeable and fairer selections, rising their income and, in flip, lowering danger whereas opening doorways for brand spanking new prospects.
Since 2019, the yr it was based, Fairplay has already originated greater than $125 million in financing to lots of of companies, establishing itself as one of the vital revolutionary lending options in Latin America.