Peruvian Fintech company Leasy has reportedly completed a $28 million Series A round in equity and debt.
The investment round is said to have been led by Magma Partners with Entangle Group, DeBa Ventures, Noa Capital, and Grupo CAPEM, also making contributions along with various other investors from Latin America, the United States as well as Europe.
This proceeds from the funding round should assist Leasy with boosting its overall business operations, improving its operations in Mexico and Peru, as well as establish additional financing options for various kinds of vehicles.
Leasy added that it intends to offer more than 500 individual loans in Peru as well as loans valued at $1 million to $1.5 million monthly in Mexico.
Nathan Lustig, Managing Partner of Magma Partners, said (in statements shared with Forbes):
“We first met Leasy’s team when they were operating in Peru. Many of Leasy’s customers end up earning more money and living better, so we are excited to support their growth in Latin America with this investment.”
CEO and co-founder Gregorio Gilardini said:
“The most interesting aspect of this round is that we’ve managed to attract investors who were not familiar with the region but decided to bet on it thanks to our business model.”
Leasy provides financing to ride-hailing drivers based in the LatAm region through a subscription model.
Last year, Leasy had reportedly increased its loan placements as well as its revenue by more than 100% in Peru while recording substantial profits.