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