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# Mexican mobility platform Kavak secures $810 million in funding
- URL: https://www.techloy.com/mexican-mobility-platform-kavak-secures-810-million-in-funding/
- Published: 2022-09-23T08:25:23.000Z
- Updated: 2022-09-23T08:25:23.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: Mobility, Kavak, mobility in LatAm

[Kavak,](https://www.kavak.com/) a Mexico-based automobile startup focusing on Latin America has raised $810 million in a new financing deal with HSBC, Goldman Sachs, and Santander, to improve its used car selling offering. 

- The financing secured will be used to improve the startup's customer experience and create new services that will help citizens solve mobility problems, Moises Flores, Kavak's CFO says.
- HSBC provides the bulk of the financing, with $675 million from the bank to purchase part of Kavak's current and future loan portfolio in Mexico. Goldman Sachs and Santander are providing $135 million, secured by Kavak's assets, including automobiles and warehouses.
- The auto company uses its data stack, technology, and innovation to formalize the pre-owned cars industry, and offers a wide catalogue of guaranteed and certified cars. It looks on to negotiate more debt financing with banks, which may push up its raise to $1.2 billion by the year-end.
- Kavak provides e-commerce and app services to complement its physical stores globally and offers post-sale servicing and a financial division.
- The resources raised have been under negotiations for the past 18 months and the automobile platform will become profitable in the next six months, the CFO claims.