Mexican credit facility platform CXC raises $33 million to expand through Latam, US
By Kylie Madry
MEXICO CITY, Oct 22 (Reuters) -Mexican credit facility platform CXC has raised $32.6 million in a funding round led by Kaszek, it said on Tuesday, with the funds set to help the firm expand to the rest of Latin America and the United States.
WHY IT'S IMPORTANT
CXC has quietly become a major player in monitoring and managing private credit facilities in Latin America in recent years, working with financial institutions such as Citi C.N, Goldman Sachs GS.N, UBS UBSG.S, HSBC HSBA.L, Scotiabank BNS.TO and Santander SAN.MC.
It has also nabbed contracts with local branches of firms such as regional e-commerce giant MercadoLibre MELI.O, Colombian bank Bancolombia BIC.CN, Peruvian financial holding Credicorp BAP.LM and Brazilian investment bank BTG Pactual BPAC3.SA.
KEY QUOTES
"This (funding) round marks an important achievement," said Eduardo Etchegaray, co-chief executive officer of CXC. "With our new partners on board, we're prepared to improve our technology and speed up our international expansion."
"CXC has become a key associate for companies that offer credit who are looking to break into the region," co-CEO Marvin Palavicini said.
CONTEXT
CXC already operates in Colombia, Peru, Chile, Costa Rica and Panama aside from Mexico. It did not provide more detail on its expansion plans for the region or to the United States.
BY THE NUMBERS
In Mexico, CXC oversees around $9 billion in assets, the firm said, and $1.5 billion in Colombia.
CXC hopes to close out the year with $11 billion in total assets under its administration, it said.
Reporting by Kylie Madry; Editing by Stephen Coates
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