Chilean business lending start-up Kredito has secured $6 million in funding to expand its operations internationally. This latest funding is coming a year after the startup raised $4 million in pre-seed funding.
The company, which launched in 2021, partners with financial institutions to help small businesses manage their spending, access digital unsecured loans, open bank accounts and obtain business credit cards.
Kredito uses a proprietary algorithm and alternative data to evaluate credit risk in real-time and has created products with few requirements to gather data on how best to help customers access financial products.
The company is growing faster than expected, and has approximately 100,000 accounts and 5,000 active users, with 90% revenue growth month on month.
Kredito has raised a total of $11.5 million in equity and debt funding to date. With this latest funding, the company plans to expand its operations into new countries while also consolidating its growth in Chile.
The new capital came from a group of angel investors and family offices, including Cornershop by Uber founders, Oskar Hjertonsson and Daniel Undurraga, and various partners from real estate developer Patio.