Kiwi raises $80m to offer credit access to underbanked Latinos in USA

By Leandra Monteiro

Kiwi, a FinTech dedicated to helping consumers build credit history and improve financial literacy, announced that it has closed a $75 million credit facility and $4.5 million pre-series A funding round.

The debt financing was provided by i80 Group an investment firm that specializes in providing credit solutions to growth companies, while Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round.

Fuelled by the new funding and a surge in demand, the company is set for a phase of exponential growth. The company plans to introduce new products to establish itself as the primary platform where underbanked Latinos access a broader suite of financial services.

“Our investors’ support is a testament to the value of our mission and the impact that we’re having on our customers’ lives,” said Mariano Sanz, Co-founder and CEO of Kiwi. “We take pride in equipping underserved Latin immigrants with the tools and resources necessary to establish credit and secure access to capital. Addressing the difficulties faced by underbanked consumers in joining the traditional credit system will have the most significant positive impact on their financial lives. We remain dedicated to growing and expanding our services to serve more customers across the US and eventually Latin America.”

“We’re excited to support Kiwi in their mission to promote financial inclusion amongst underbanked Latinos,” said Edward Goldstein, managing director at i80 Group. “Kiwi’s innovative approach to credit access and their strong reception from customers make them a leader in the market and position them well to provide essential financial resources to people who need it. We look forward to seeing their continued growth and success.”

Kiwi is committed to addressing the financial challenges faced by millions of Latino consumers in the US. These individuals often lack credit history and are excluded from the traditional financial system. Utilizing proprietary AI and machine learning models, Kiwi offers thin-file borrowers with affordable capital, enabling them to build their credit profiles and manage everyday expenses.