- Mexico-based consumer microlending platform Baubap has secured $120 million in debt financing in a pre-Series A funding round led by US fintech capital partner SixPoint Capital Management.
- Baubap plans to utilize the funds to expand its credit lending activities, particularly focusing on underserved borrowers who may face challenges with traditional lending methods.
- The fintech, founded in 2018, offers app-based services, using alternative data sources to provide consumer microloans of up to MXN 5,000 ($300) within 15 minutes of application.
- Baubap aims to attract up to 1.4 million new customers in 2024, building on its current half-million active loans per month.
