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Mexican fintech company Konfio gets $100M credit from Goldman Sachs

Mexican financial technology company Konfio Ltd. acquired a $100 million credit line from Goldman Sachs Group Inc. that it will use to lend to small and medium-sized enterprises, Bloomberg News reported.

The capital will enable Konfio to grant more than $250 million of loans in Mexico over the next 12 months, CEO and founder David Arana said. The fintech company plans to branch out into guarantees or collateral, which will allow it to lend amounts bigger than its current average of $20,000.

Lending to SMEs, which has hit $100 billion, has the potential to be a big market for Konfio as banks move away from the segment, Arana said.

Konfio also expanded another existing loan with Victory Park Capital for $150 million, Reuters reported.

Konfio provides finance solutions to SMEs through an online platform. The company had its first round of investments in April 2016 and has since raised $74.2 million in total funding, according to data from S&P Global Market Intelligence.