Monday, November 4, 2024
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Mexican microlending start-up Baubap secures $120m in debt financing

  • 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.

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