Mexican tech-enabled lender Credijusto closed a credit facility with Goldman Sachs for up to $100 million. The funding will be used to further expand the company’s lending across Mexico and support its mission to expand credit access for small and medium-sized enterprises (SMEs).

“This credit facility represents a significant milestone for Credijusto and allows us to continue to transform the way Mexican SMEs access capital,” said David Poritz, co-CEO of Credijusto.

“The company’s innovative technology and its disruption of traditional underwriting models are reshaping the lending landscape. This financing will further support our growth trajectory and enable us to continue offering credit to the perennially underserved Mexican SME market segment,” added Allan Apoj, the company’s other co-CEO.

Credijusto provides financial products and services to the SME segment. According to official data, SMEs make up 99% of businesses and account for 74% of total employment in Mexico, yet only receive 15% of total outstanding credit, as banks reject over 80% of all loan applications from SMEs. Additionally, SMEs face a long and challenging process when seeking financing from traditional lenders, waiting up to six months to receive funding and paying interest rates on average five times higher than those of their US counterparts.

Since its founding in 2015, Credijusto has sought to address the market inefficiencies largely present throughout the Mexican banking system. The company promotes financial inclusion by providing affordable asset-backed loans and equipment leases. Using a combination of cutting-edge software design, innovative applications of data science, and advanced internal processes for decision-making and product structuring, Credijusto provides better-priced products, faster delivery and superior customer experience.

In its first four years of operation, Credijusto has successfully launched multiple financial products and originated over $70 million in term loans and leases, growing at a compounded annual rate of over 275%.

Credijusto’s operational success has been supported by its strong fundraising track record. In 2018, the company raised a Series A financing led by Kaszek Ventures and QED Investors. Prior equity investors include John J. Mack, Victory Park Capital, Elevar Equity, City Hall Capital and Broadhaven Capital Partners, and the company has active debt facilities with institutional credit funds such as Promecap, Eiffel eCapital and PG Impact.

Credijusto is based in Mexico City and currently employs 120 people.