Mexico-based fintech startup Aviva has raised $2.2 million in pre-seed funding to bring working capital to unserved communities.
Founded by former banking executives Filiberto Castro, David Hernandez, Amran Frey and Israel Garcia, the company aims to address the lack of access to financial products for the approximately 40 million Mexicans who are excluded due to banks not targeting this segment.
The company focuses on smaller communities where it can address the lack of trust in banks and predatory interest rates, as well as helping users who may not have the technical ability, such as a smartphone, to purchase financial products directly.
The company launched its product in November with 10 employees and has three kiosk locations in Chalco, Texcoco, and Ixtapaluca – about an hour’s drive from Mexico City, where more than 500 customers have passed through since.
With the additional money, Aviva intends to make investments in developing its credit and underwriting system, getting ready to introduce its own credit card, and growing its kiosk network. Filiberto Castro envisions the business offering its clients a full range of banking services in the future, with credit cards serving as a means of loan deposit in the event that clients lack bank accounts.
Pre-seed investment was provided by a collection of angel investors as well as Wollef Ventures, Newtopia VC, Seedstars International Ventures, 500 Startups, Magna Capital VC, and Xtraordinary VP.
