Credijusto, an SME lending platform that is based in Mexico, announced on Wednesday the acquisition of Visor, a data analytics and digital factoring platform. According to Credijusto, Visor has analyzed over 15,000 companies in Latin America. Additionally, the company’s services have been used by over 40 financial institutions, marketplaces, and corporations to assess credit risk of the companies they do business with. Roberto Velarde, Visor’s CFO, further explained:
“Visor has raised capital from leading US-based tech investors such as American Express Ventures, BlueRun Ventures, Finrebel, Leap Global, Mission Gate and 500 Startups, as well as Latin American-focused funds such as ALLVP, Ignia, Mexamerica and Vincus, raising over $12 million since inception.”
Credijusto further explained that the acquisition supports its vision to become the leading financial services provider for Latin American SMEs by offering innovative solutions, including data analysis and digital factoring, which Visor has successfully developed during the past five years. David Poritz, Co-CEO and Co-Founder of Credijusto, stated:
“We have known Visor for many years and have always respected their products, technology and engineering team. This acquisition is highly synergistic with Credijusto’s existing technology and will enable us to quickly expand our multi-product offering to better serve the millions of Mexican SMEs.”
As previously reported, Credijusto now provides financial products and services to the SME segment, which forms the backbone of the Mexican economy. The online lender has sought to address the market inefficiencies largely present throughout the Mexican banking system and it promotes financial inclusion by providing affordable asset-backed loans and equipment leases.