Tidjane Thiam’s special-purpose acquisition company (SPAC) is in exclusive talks with Mexican FinTech Credijusto and CIAL Dun & Bradstreet about merging the companies and listing them on the New York Stock Exchange later this year.
Banking startup Credijusto is attractive to Thiam and his company because of its growing prominence among Latin American small businesses, according to a Financial Times report on Friday (Aug. 6). Combining Credijusto’s lending capacity with CIAL’s data and analysis means more loans for small and medium-sized businesses, sources said.
The companies would merge with Thiam-led SPAC Freedom Acquisition I under a deal that could bring the combined value to $1.5 billion. The combined company would operate in 43 countries, with plans to expand to the U.S., Africa and the Middle East.
Credijusto acquired Banco Finterra, a bank that is geared toward financial offerings for small companies and the agriculture industry, in June.
“Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican [SMBs],” Credijusto Co-CEO Allan Apoj Pascal said in an announcement. “This acquisition marks a major milestone in Mexico and the region, and we are proud to be revolutionizing the future of banking in Latin America.”
Credijusto Co-CEO David Poritz noted that the firm’s purchase will allow for a “digital cross-border experience” for companies participating in trade between the U.S. and Mexico.
“We are very excited for this next phase of the bank and the benefits to come for Mexican businesses, leveraging Credijusto’s technology, agility and service,” Banco Finterra CEO Mark McCoy said in an announcement.
Credijusto has built out a “multi-product offering” that combines “cutting-edge software design, innovative applications of data science and advanced internal processes,” according to the announcement.
Since being founded in 2015, Credijusto has landed more than $400 million in equity and debt from various investors, including Credit Suisse, Goldman Sachs, New Residential Investment Corp., Point72 Ventures, QED Investors, Kaszek and John Mack.