Lending platform Credijusto has become the first Mexican fintech to acquire a regulated bank, snapping up Banco Finterra for an undisclosed fee.
Although a first for Mexico, the deal reflects a global trend of fintech firms acquiring regulated banks to enable more diversified product offerings.
The acquisition also doubles the size of Credijusto's business at a time when Mexico is seeing strong demand for technology-enabled lending from its six million SMEs.
Founded in 2015, Credijusto boasts that its cutting-edge software design, innovative applications of data science, and advanced internal processes help offer better-priced products, faster delivery and superior customer experience.
The firm has a host of blue-chip financial backers, including Goldman Sachs, Credit Suisse, Point72 Ventures, Kaszek, QED Investors and John Mack.
David Poritz, co-CEO, Credijusto, says: "By combining our proprietary software and data science expertise with Finterra’s banking capabilities, we are building a next generation financial services business.
"Our acquisition will also enable a digital cross-border experience to the thousands of businesses engaged in commerce between the U.S. and Mexico, an opportunity that we see as a major driver of growth for Credijusto."