The investment included the participation of Krealo, Credicorp's venture capital fund, Ignia Partners, Carao Ventures, Rainforest Capital, DCG and its current investors Wollef, Newtopia, 500 Global and Magna VC.
A financial technology company specializing in personal financing and microbusinesses, Aviva announced that it raised $5.5 million in an oversubscribed capital round, a type of round in which investors invest more than what the firm requested.
The investment included the participation of Krealo, Credicorp's venture capital fund, Ignia Partners, Carao Ventures, Rainforest Capital, DCG and its current investors Wollef, Newtopia, 500 Global and Magna VC.
With this investment, the firm founded in 2022 seeks to grow its credit portfolio to more than 500 million pesos. They currently maintain operations as a Multiple Purpose Financial Society (Sofom) and grant loans of up to 20,000 pesos to their users.
Aviva has a digital and physical strategy in kiosks, a system they have called “phygital” and through which they seek to serve 70 million Mexicans who are mainly in cities with less than 500,000 inhabitants.
A market that the firm pointed out is characterized by high rates of labor informality and the continuous use of cash and that according to its estimates represents an opportunity of more than 150,000 million dollars in credit portfolio.
To serve this segment, Aviva designed a conversational credit application, carried out using natural language processing and computer vision. As described, users receive real-time approval after a seven-minute video call with a bot, created to adapt to users. Currently, more than 50,000 people have completed the process.
On the other hand, Aviva is present in 26 cities and has 24 Kiosks in Mexico, and according to its information, 90% of its clients work in the informal sector.
“Despite countless attempts by fintech and neobanks, the smartphone is not a universal solution to offer financial services to those who have not had access, it was necessary to create an unconventional solution,” said Filiberto Castro, founder and co-CEO of Aviva. .
With this investment, the technology company reported that it will expand its products and its network of kiosks. Before the end of the year, it will expand to more than 50 cities to reach profitability before completing three years of operations.
In addition to this round, the financial company has raised $8.7 million in venture capital to date, previously announcing a pre-seed round of $2.2 million in December 2022.
