Mexican fintech startup Resuelve Tu Deuda has raised US$24 million from two venture capital firms, saying it would expand operations to more countries in Latin America and Europe.
Founded in 2009, Resuelve Tu Deuda means “solve your debt.” It is the first credit repair company in Mexico, where it currently has 16 branches.
In addition to Mexico, the Mexican fintech company runs offices in Colombia, Argentina, and Spain. Soon the startup plans to expand its footprints to Brazil and Italy.
A portion of the proceeds will be used to develop new fintech products, according to the company’s Managing Partner Alejandro Diez Barroso.
Considering the local media reports, Resuelve Tu Deuda uses a combination of people, technology, and artificial intelligence, to negotiate with the lenders of its clients, helping them restructure their debt.
“Once people sign up to our credit repair program, they can expect to save up to 70% on their existing credits,” says the fintech, which has employed more than a thousand people across four countries.
The founders of the startup, Javier Velasquez and Juan Pablo Zorrilla say they found out a solution to ‘indebtedness’ while pursuing a master’s degree in business at Stanford University in the United States.