Mexico-based peer-to-peer lending platform Kubo Financiero has closed a $7.5m series A round backed by Wayra, the early-stage investment subsidiary of telecommunications company Telefónica, Expansion has reported.
Private equity firm Bamboo Finance led the round, which included foreign exchange services provider Monex, Endeavor Catalyst, Tanant Capital, Alta Ventures’ Mexico Fund I fund, Capital Invent and Vander Capital Partners.
Founded in 2012, Kubo operates as a microfinance lender offering loans for low-income customers featuring relatively affordable interest rates.
Kubo had previously raised about $3.7m, $1.7m of which came from a September 2014 round co-led by Endeavor Catalyst and Alta Ventures that also included Vander Capital and Wayra, which has been an investor in the company since 2012.