November 25, 2021 | 11:07 am
Free market obtained a private financing line of $ 375 million from Citi to expand the capacity of loans granted to consumers, entrepreneurs and small businesses in Mexico and Brazil.
The financing was acquired through its unit Credit MarketThe companies said in a statement, in which they also detailed that the agreement will last for two years.
Of the resources, 150 million dollars will go to Mexico and the remaining 225 million to Brazil.
Mercado Crédito offers financing so that people can access the products they need and so that entrepreneurs can grow their businesses. Citi’s investment will help us continue to scale and enhance our reach in order to democratize financial services and access to credit in Latin America.
said Martin de los Santos, Senior Vice President of Mercado Crédito
For his part, Nicolás Bendersky, Corporate Bank Head of Citi for the Southern Cone, mentioned that the financing to Mercado Crédito “includes the financial strategy that will allow them to increase the productivity of their financing portfolio, in order to facilitate the most accelerated growth of their ecosystem.”
Mercado Crédito is available in Mexico, Brazil and Argentina. In the third quarter of 2021, the portfolio exceeded 1,126 million dollars with 24.5 million loans in the portfolio.
They are mostly working capital loans with an average size of $ 450 and a term of 11 months.
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