Mexican fintech Konfio says now worth $1.3 bln with new capital

(Reuters) – Mexican financial technology firm Konfio said on Wednesday that its valuation has hit $1.3 billion after a fresh investment round, pushing the SoftBank-backed company into the elite “unicorn” category for startups worth more than $1 billion.

Used-car platform Kavak here became the first known unicorn in Mexico last year, and was followed by cryptocurrency platform Bitso and payments company Clip.

Konfio, which helps small businesses secure loans, said in a statement its latest funding totaled $235 million and the funds will be used to broaden its reach in Latin America’s second-largest economy.

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The firm said it will also continue looking for acquisition and integration opportunities.

The company, which started operations in 2014, said the funding included a $110 million extension to its Series E capital raise, which had already secured $125 million.

Tarsadia Capital and QED Investors led the latest part of the Series E round, along with Konfio’s existing shareholders SoftBank, VEF, Kaszek Ventures, IFC and Lightrock, the company said.