The Mexican fintech revolution rolls on.
The Mexico-based venture capital fund IGNIA made an undisclosed investment in Afluenta, an online platform based in Argentina, to spur its expansion in Mexico.
Afluenta facilitates lending between individuals and businesses to fill a gap in lending for the emerging middle class in Argentina and other parts of Latin America.
Investors can invest as little as $335, while borrowers vetted by Afluenta can apply for loans up to $4,700. Afluenta’s 650,000 users have transacted more than $25 million.
Afluenta raised $8 million last year from the International Finance Corp. and impact investor Elevar Equity. Fintech startups could capture 30% of Mexico’s banking market within 10 years.
