Mexican credit facility platform CXC raises $33 million to expand through Latam, US

Credicorp

22/10/2024 07:00

By Kylie Madry
       MEXICO CITY, Oct 22 (Reuters) - Mexican credit facility
platform CXC has raised $32.6 million in a funding round led by
Kaszek, it said on Tuesday, with the funds set to help the firm
expand to the rest of Latin America and the United States. 
    
    WHY IT'S IMPORTANT 
    CXC has quietly become a major player in monitoring and
managing private credit facilities in Latin America in recent
years, working with financial institutions such as Citi  C.N ,
Goldman Sachs  GS.N , UBS  UBSG.S , HSBC  HSBA.L , Scotiabank
 BNS.TO  and Santander  SAN.MC .
    It has also nabbed contracts with local branches of firms
such as regional e-commerce giant MercadoLibre  MELI.O ,
Colombian bank Bancolombia  BIC.CN , Peruvian financial holding
Credicorp  BAP.LM  and Brazilian investment bank BTG Pactual
 BPAC3.SA . 
    
    KEY QUOTES
    "This (funding) round marks an important achievement," said
Eduardo Etchegaray, co-chief executive officer of CXC. "With our
new partners on board, we're prepared to improve our technology
and speed up our international expansion."
    "CXC has become a key associate for companies that offer
credit who are looking to break into the region," co-CEO Marvin
Palavicini said.
    
    CONTEXT
    CXC already operates in Colombia, Peru, Chile, Costa Rica
and Panama aside from Mexico. It did not provide more detail on
its expansion plans for the region or to the United States. 
    
    BY THE NUMBERS
    In Mexico, CXC oversees around $9 billion in assets, the
firm said, and $1.5 billion in Colombia.
    CXC hopes to close out the year with $11 billion in total
assets under its administration, it said.

 (Reporting by Kylie Madry; Editing by Stephen Coates)
 ((Kylie.Madry@thomsonreuters.com;))