Credijusto has set the record as the first fintech to acquire a bank in Mexico. The fintech firm bought Banco Finterra at a valuation of $50 million. This new feat also automatically makes Credijusto the only neobank currently in possession of a banking license in the Latin American country.
Neobanks are a brand of fintech that are disrupting the banking industry by using smart tech solutions to deliver the same services in a better way.
Like conventional banking institutions, neobanks offer savings account, electronic wallet, investment instruments, and payment for services. The key difference is that they provide all of these services online and do not have physical locations.
Allan Apoj, co-founder and CEO of Credijusto, commenting on the deal, said: “our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican SMEs. This acquisition marks an important milestone in Mexico and the region, and we are proud to be revolutionizing the future of banking in Latin America”.
Though the deal was finalised last week, the news was only announced and confirmed yesterday.
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