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Covalto is a digital banking and financial services platform that provides credit and business analytics tools to small and medium-sized enterprises, and is based in Mexico City, Mexico. The institution leverages alternative financial data, specifically digital tax invoices, to assess creditworthiness and underwrite loans for millions of underserved SMEs operating throughout the Mexican market. By operating as a fully regulated digital bank following a banking license acquisition in June 2021, the firm generates revenue through its multi-product suite of lending and corporate banking services. The financial technology company reached an estimated enterprise valuation of $547 million in connection with a planned special purpose acquisition company merger to list publicly on the NASDAQ exchange. Originally established under the corporate name Credijusto in 2015, Covalto was founded by co-chief executive officers David Poritz and Allan Apoj.
Covalto has raised $259.0M across 5 funding rounds.
Key people at Covalto.
Covalto was founded in 2015 by David Poritz (Co-CEO & Co-Founder).
Covalto has raised $259.0M in total across 5 funding rounds.
Covalto has raised $259.0M across 5 funding rounds. Most recently, it raised $42.0M Credijusto - Series B in August 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 29, 2019 | $42M Series B | Goldman Sachs, Pete Casella | John Mack, Argo Ventures, Broadhaven, Hernan Kazah, QED Investors, Supernode Ventures, Third Lake Capital, DON Butler, Wolfson Group | Announced |
| Jul 1, 2019 | $100M Series B | — | 8VC, Altari Ventures, Broadhaven Capital Partners, Company Capital, Cream City Venture Capital, Endeavor Catalyst, Jenny Fielding, Ignia Partners, Kaszek Ventures, Point72 Ventures, Rumbo Ventures, S3 Ventures, Bruno DEL AMA, Henry Yoshida | Announced |
| Mar 25, 2019 | $100M Debt Financing | Credit Suisse, Goldman Sachs | — | Announced |
| May 1, 2018 | $11M Series A | — | Company Capital, Ignia Partners, Rumbo Ventures, Bruno DEL AMA | Announced |
| Jul 1, 2017 | $6M Seed | — | Altari Ventures, Broadhaven Capital Partners, Cream City Venture Capital, Jenny Fielding, S3 Ventures, Henry Yoshida | Announced |
Key people at Covalto.
Covalto is a leading digital banking and services platform for small and medium-sized enterprises (SMEs) in Mexico, offering a one-stop solution that combines multi-product credit offerings, banking services, and business analytics tools.[1][2][6] Formerly known as Credijusto, it serves businesses seeking modern financial solutions to grow and strengthen their position, including online banking, investment options, and financing.[2][3] The company has demonstrated strong growth momentum, transitioning from a fintech to a full bank, securing investments like from QED Investors in 2018, acquiring Finterra, and pursuing a SPAC merger to become Mexico's first US-listed fintech.[1][3][4][5]
Headquartered in Mexico City, Covalto focuses on intuitive apps and adaptive online banking tailored to SME needs, positioning it as a key player in digital finance amid shifting market conditions toward sustainability.[3][4]
Covalto was founded in 2015 as Credijusto, a fintech providing financial services to individuals and businesses in Mexico.[2] It evolved by rebranding to Covalto and expanding into a comprehensive digital bank, highlighted by the acquisition of Finterra to integrate operational and compliance expertise while preserving startup energy.[1][4] Key leadership includes CEO David Poritz, with early investment from QED Investors in 2018 supporting its growth in SME lending and services.[1] Pivotal moments include steady expansion into full banking capabilities and a planned SPAC merger for US listing, marking its shift from niche lender to major platform.[3][5][6]
Covalto rides the wave of digital transformation in Latin American fintech, particularly SME financing in Mexico, where underserved businesses drive demand for accessible banking amid economic recovery.[1][2][3] Timing aligns with post-pandemic market corrections favoring sustainable models over explosive growth, allowing Covalto to leverage its bank status for deeper market penetration.[4] Favorable forces include rising SME digital adoption, regulatory support for neobanks, and investor interest in lending platforms like Konfio and Klar.[1][2] It influences the ecosystem by boosting financial inclusion, integrating acquired expertise, and pioneering US listings for Mexican fintechs, setting precedents for regional scalability.[4][5]
Covalto is poised for accelerated expansion as Mexico's SME digital banking leader, with its SPAC merger enabling US capital access and further product innovation.[5][6] Trends like AI-driven analytics, embedded finance, and economic stabilization will shape its path, potentially growing its loan book and user base amid "camel-era" sustainability.[4] Its influence may evolve by inspiring more fintech-bank hybrids, deepening SME empowerment, and capturing cross-border opportunities—reinforcing its role as the one-stop powerhouse for Mexico's business backbone.[1][3]
Covalto was founded in 2015 by David Poritz (Co-CEO & Co-Founder).
Covalto has raised $259.0M in total across 5 funding rounds.
Covalto's investors include Goldman Sachs, Pete Casella, John Mack, Argo Ventures, Broadhaven, Hernan Kazah, QED Investors, Supernode Ventures, Third Lake Capital, Don Butler, Wolfson Group, 8VC.
