Syscap closed on $2.3 million in seed funding to proceed constructing an infrastructure that helps Mexico’s non-banking lenders to handle and entry non-public credit score.
David Noel Ramírez and Alejandro O’Farrill met whereas working on the multinational beverage and retail firm Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA). Each went on to do different issues — Ramírez co-founded Concéntrico, whereas O’Farrill labored at Amazon and Nubank — previous to founding Syscap.
They designed Syscap in order that prospects can register their non-public traces of credit score and carry out communication, monitoring and reporting capabilities multi functional place.
Historically, that is both finished by means of banking software program and core techniques or is completed manually by way of spreadsheets, e-mail threads and unreliable knowledge sources, CEO Ramírez advised TechCrunch by way of e-mail.
Nonetheless, with the non-public credit score market’s property below administration having practically tripled between 2011 and 2022, and that progress anticipated to achieve $23.3 trillion by 2027, it presents a chance to fill this credit score liquidity hole, he stated.
Syscap, non-public credit score, Mexico. Picture Credit: Syscap
Consequently, a bunch of startups has emerged throughout Latin America up to now yr aiming to deal with the administration and transparency of financing traces. Examples of those embrace Kanastra in Brazil; Finley, % and Setpoint in the US; and Vass in Colombia.
“What units Syscap aside is our concentrate on constructing a holistic and democratized entry to personal credit score platform, not only for non-banking monetary establishments however for all stakeholders concerned — from lenders and underwriters to debtors and traders,” Ramírez stated.
Syscap has over 100 non-banking monetary establishments throughout Mexico managing their non-public credit on its platform. The corporate additionally affords entry to short-term financing options.
In the meantime, Wollef led the $2.3 million seed spherical and was joined by Redwood Ventures, Melek Capital, 500 International, Angel Hub Ventures and a bunch of angel traders. With the capital infusion, Syscap intends to put money into know-how and product improvement.
