The company goes public in 2021 and partners with financial institutions to help small businesses manage spending, access unsecured digital loans, open bank accounts and get credit cards enterprise use.
When we profiled Kredito last year, Sebastian Robles, co-founder and CEO, told TechCrunch that business credit doesn’t automatically come with the account, leaving business owners to use a credit card. personal use.
“Everybody wants to sell online, so e-commerce capabilities are key,” he told TechCrunch recently. “Most of our customers are moving online, but what has happened is that banks are more restrictive with their products, leaving people who don’t have a bank account or those who don’t. bank account difficult to access proper financial services or sometimes even a bank account.”
Instead, Kredito takes that risk by using proprietary algorithms and alternative data to assess credit risk more comprehensively than traditional banks and in real time, Robles said. know. It also creates low-demand products that can reduce acquisition costs and collects data from customers on how best to help them access financial products. For example, anyone can use the company account and card, while the loan product is open to those who qualify and shares data with Kredito, Robles said.
Including the new equity round — Robles is still finalizing the round — the company has raised $11.5 million in equity and debt to date. The new funding comes from a group of angel investors and family offices, including Uber founders’ Cornershop, Oskar Hjertonsson and Daniel Undurraga, and many more partners from real estate developer Patio.
Robles doesn’t necessarily plan to find new funding so soon, but says Kredito is growing faster than expected. He has run the company very neatly, but needs to add to the small team to accommodate growth.
He said the company has about 100,000 accounts and about 5,000 active users and is seeing 90% revenue growth month-over-month. It is focused on sustaining that growth throughout the coming year as it continues to open thousands of new accounts each month.
Robles intends to use the new capital to expand into new countries and strengthen its growth in Chile. “Exporting Kredito’s products – making sure what it does in Chile can be done in other countries – will be key,” he said. Therefore, the company will work on underwriting first by accessing data in multiple countries and scaling its strategies.
“Internationalization is the main focus,” he added. “We have a lot of work to do. We’ve made a lot of progress in underwriting and lending, and now we have to do the same with other products. “We’re going to focus on growth. We already have a product that’s right for the market and has a lot of traction, and now we want to go further.”