Kiwi’s platform serves Latinos living in the US who may have limited credit data and access to capital
Kiwi, a New York-headquartered credit provider to US Latinos, has closed a $75m credit facility and a $4.5m pre-series A funding round.
The fresh funding will be used to expand its services and reach more customers across the US and Latin America.
The debt financing was provided by i80 Group, while Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round.
Kiwi’s platform serves Latinos living in the US who may have limited credit data and access to capital.
Founded in 2020 by first generation immigrants Mariano Sanz and Alexander Schachter, Kiwi offers borrowers with affordable loans, enabling them to build their credit score.
Kiwi serves 30,000 customers and says it is experiencing a surge in demand for its products.
The Latino market is the fastest-growing minority segment in the US, and is expected to reach more than 100m in the next few decades, up from the current 60m.
Mariano Sanz, co-founder and chief executive officer of Kiwi, commented: “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.”
Sanz continued: “We remain dedicated to growing and expanding our services to serve more customers across the US and eventually Latin America.”
Edward Goldstein, managing director at i80 Group, 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.”