Progreso Financiero, a Redwood City, California-basedĀ financial services company serving the credit needs of the Hispanic market, undisclosed a $47m round raised in August 2013.
Backers included new investor Institutional Venture Partners (IVP).
According to a written note, the new funding has enabled the company to continue its growth through investments in staff, locations, marketing, and its technology platform.
Led by Raul Vazquez, CEO, Progreso Financiero leverages its technology platform to perform automated risk scoring and augment back-office productivity to facilitate the more than 23 million Hispanics in the United States who lack sufficient credit histories to obtain loans.
Since 2006, the company has provided over 700,000 loans to more than 370,000 customers, the majority of whom earn median incomes below $29,000, through its network of more than 110 locations.
The average loan disbursed in 2014 is approximately $1,650 with a term of 14 months.
Other investors in the company include The Catalyst Fund of CFSI, Charles River Ventures, Core Innovation Capital, Greylock Partners, and Madrone Capital Partners.
FinSMEs
20/06/2014