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Resuelve tu Deuda raises $24 million to fund expansion

Mexican FinTech Resuelve tu Deuda has raised MXN 453 million ($24 million) from two investors in order to fund international expansion. Houston, Texas-based Alloy Merchant Finance, a US private equity fund, put in MXN 360 million ($19.1 million) and Mexico City-based venture capitalist DILA Capital provided MXN 93 million ($4.9 million).

Resuelve tu Deuda (literally translated: “Solve your Debt”) was established in 2009 and now claims to be the largest credit repair company in Latin America. The company’s co-founders, Juan Pablo Zorrilla and Javier Velásquez, said the new funds will be used to consolidate the company’s growth and strengthen its presence in Latin America and Europe. The firm says it is the only FinTech focusing on debt restructuring in Mexico.

Alejandro Diez Barroso, Managing Partner of DILA Capital said: “We are very happy to participate in this round and impressed with the team and everything they have achieved.” Resuelve tu Deuda “has already proved its success outside Mexico, in Colombia, Argentina and Spain and we are convinced that this FinTech will continue to grow at accelerated rates with openings of new countries and launches of innovative complementary products. ”

With 16 branches in Mexico, Resuelve tu Deuda now employs more than 1,000 people across the four countries it currently operates in and claims that once people enter the credit repair program, they can save up to 70% on their existing debts.

DILA Capital is an entrepreneurial capital fund manager based in Mexico City that focuses on investing in leading companies in the Semilla and Series A stages in Mexico and Latin America. The firm, founded and managed by Alejandro Diez Barroso and Eduardo Clavé, is currently investing its third fund. DILA works to provide support and add value to the companies in its portfolio and seeks to accompany them strategically in their next rounds of investment to help fill the entrepreneurial capital gap that exists in the Mexican ecosystem.

Alloy Merchant Finance is a Houston-based private equity fund, created to meet the development capital needs of small and medium-sized businesses operating in Mexico and the US. Alloy is led by an experienced and multicultural management team with extensive experience in venture capital and structured credit. During the investment period, Alloy supports companies to improve their financial and business intelligence reports, recruit key personnel, and obtain another type of additional financing for working capital.

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