Chilean fintech Destácame has closed a $10 million Series B round led by Banco Santander, to enhance its product, grow its team and expand across Mexico.
Launched in 2014 by Sebastián Ugarte and Jorge Camus, Destácame which operates in Chile and Mexico is dedicated to credit scoring for people with little or no credit history.
It's a platform where people can understand their finances in a simple way, make better financial decisions, and access financial products according to their reality.
Alternative fintech companies globally, typically use traditional credit scoring systems to give credit to users. This method tend to reward only those who are financially well off.
However, Destácame claims it considers other variables and is able to get a better picture of people's financial habits and thus allow access to credit and other financial products to those who used to be marginalized from the traditional banking system.
Destácame will use the funding to grow more in Mexico and increase its staff to reach 10 million users by the year 2025 (today, they have 4.5 million users). It will also invest in enhancing its product and expanding its team to meet its target of 10 million users by 2025.