Credijusto, a Mexican lending platform for small businesses, announced the acquisition of a local bank Banco Finterra which specialises in financing solutions for small businesses and the agriculture sector.

According to Reuters, Credijusto acquired the regulated bank in a deal for under US$50 million, becoming the first Mexican fintech to do so.

This move allows Credijusto to become a neobank in Latin America that is focused on serving small and medium-sized enterprises (SMEs).

“Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican SMEs.

 

This acquisition marks a major milestone in Mexico and the region, and we are proud to be revolutionising the future of banking in Latin America.”

said Allan Apoj, Co-CEO of Credijusto.

“By combining our proprietary software and data science expertise with Finterra’s banking capabilities, we are building a next generation financial services business.

 

Our acquisition will also enable a digital cross-border experience to the thousands of businesses engaged in commerce between the U.S. and Mexico, an opportunity that we see as a major driver of growth for Credijusto.”

said David Poritz, Co-CEO of Credijusto.

This article first appeared on fintechnews.ch