Mexican fintech Zenfi closed an $8.5M round led by Magma Partners.
Cometa, Redwood Ventures, Polígono, Conny & Co., and Unpopular Ventures also participated.
Zenfi is a personal finance platform that began 7 years ago by giving personal loans at the lowest interest rates in Mexico through Yotepresto.
Zenfi has since evolved into a personal finance app that assists its users in improving their credit scores and financial health.
A top feature of the platform is what he touts as the lowest interest rate in Mexico, an average of 19% APR.
Zenfi also offers free credit tracking and integrates with open banking.
It also plugs into the country’s tax system so users can access tax returns and filing tools.
One of the newest features is a personal finance manager. App users answer some questions, input their financial data sources and get long-term personal financial planning.
Zenfi is a profitable company with $10M ARR, and more than 3 million users. Its lending app, Yotepresto, has lent over 100 million with a low default rate of 3.4%.
The company will use these funds to improve the platform, develop new products, expand to other Latin American countries, and increase its workforce.
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