Fintech company Kiwi has announced that it has secured a $75m credit facility as well as a $4.5m in pre-series A funding round.
The debt financing was provided by investment firm i80 Group, which focuses on delivering credit solutions to growth companies.
Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round of the fintech company.
i80 Group managing director Edward Goldstein said: “We’re excited to support Kiwi in their mission to promote financial inclusion amongst underbanked Latinos.
“Kiwi’s innovative approach to credit access and their strong reception from customers make them a leader in the market and position them well to provide essential financial resources to people who need it.”
Established in 2020, Kiwi is committed to support clients to build credit history and enhance financial literacy.
The firm was founded by Mariano Sanz and Alexander Schachter to address the financial challenges faced by millions of Latino consumers in the US.
By leveraging artificial intelligence (AI) and machine learning models, Kiwi provides thin-file borrowers with affordable capital.
It allows the borrowers to develop their credit profiles and manage everyday expenses.
Sanz said: “We take pride in equipping underserved Latin immigrants with the tools and resources necessary to establish credit and secure access to capital.
“Addressing the difficulties faced by underbanked consumers in joining the traditional credit system will have the most significant positive impact on their financial lives. We remain dedicated to growing and expanding our services to serve more customers across the US and eventually Latin America.”
The fintech firm expects to make use of the capital to expand its services and reach more customers across the US and Latin America.
Besides, Kiwi aims to launch new products to establish itself as the primary platform where underbanked Latinos access a wide range of financial services.
