Destácame, a financial technology company based in Chile, has secured a $10 million Series B round of funding backed by Banco Santander to improve its product, expand its workforce, and enter the Mexican market. Destácame was founded in 2014 by Sebastián Ugarte and Jorge Camus to provide a credit score to those in Chile and Mexico who did not previously have access to such a service. It's a hub where individuals from all walks of life can get a realistic picture of their financial situation, get the information they need to make educated choices, and gain access to goods that meet their needs.
In most cases, alternative fintech firms throughout the world rely on customers' conventional credit scores when extending loans. The wealthy are the ones who usually benefit most from this strategy.
Destácame, on the other hand, says it takes into account additional factors and may provide a more accurate picture of people's financial behaviors, thereby extending credit and other financial goods to those who were previously excluded from conventional banking services.
With this new injection of capital, Destácame plans to expand its operations in Mexico and hire additional people to reach 10 million consumers by 2025. (Today, they have 4.5 million users.) If it wants to reach its goal of 10 million users by 2025, it will also have to invest in improving the product and growing its personnel.
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