Mexican fintech Konfio says now worth $1.3 bln with new capital

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MEXICO CITY, Sep 29 (Businesshala) – Mexican fintech firm Confio said on Wednesday that its valuation has reached $1.3 billion after a new investment round, giving the SoftBank-backed company the elite opportunity for a startup worth more than $1 billion. Has been pushed into the “Unicorn” category. .

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Here used-car platform Kavac became the first known unicorn in Mexico last year, followed by cryptocurrency platform Bitso and payments company Clip.

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Confio, which helps secure loans to small businesses, said in a statement that its latest funding totaled $235 million and the money would be used to broaden its reach into Latin America’s second-largest economy.

The firm said it would continue to explore acquisition and integration opportunities.

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The company, which began operations in 2014, said the funding includes a $110 million expansion to raise its Series E capital, which has already secured $125 million.

Tarsadia Capital and QED investors led the latest part of the Series E round along with Confio’s existing shareholders SoftBank, VEF, Kasjek Ventures, IFC and LightRock, the company said. (Reporting by Sharay Angullo Editing by Margherita Choy)

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