Oikocredit leads US$ 10 million equity-and-debt seed funding for Mexican fintech YoFio

Oikocredit is proud to announce its latest equity investment in YoFio, a fast-growing fintech platform for Mexican micro businesses. Oikocredit has led a US$ 10 million equity-plus-debt seed investment round involving 500 Global, Innogen Capital, G2 FinTech, Cauris Finance and other angel investors.

Oikocredit and its partners’ investment will support YoFio in its work of promoting financial inclusion in Mexico. Nearly 60% of private companies in Mexico are micro enterprises. Yet, despite their importance for economic growth and job creation, these small business are ‘invisible’ to most financial institutions and face barriers when trying to access credit. YoFio was created to unlock tech-driven and innovative sources of financing for this underserved and underbanked segment.

YoFio’s proprietary technology and wide network of wholesaler partnerships enable an easier, faster, more competitive and more flexible offering compared to traditional banking solutions. To date, YoFio has disbursed US$ 8 million in digital loans to more than 3,500 client merchants and micro entrepreneurs. It plans to close 2024 with a total portfolio of US$ 5 million.

Read the press release here