Credijusto, a Mexican small business lender, is using data points like tax and invoice information to reach small businesses typically out of reach of large banks. As a secured lender, Credijusto also allows borrowers to put up collateral to back their loans in addition to the suite of transaction and business information typically used to underwrite clients.

“Banks don’t have the systems to process the tax data, and they’re not interested, historically, in engaging in secured lending models in our market,” said David Poritz, CEO and co-founder of Credijusto. “You have five to six major banks (in Mexico), and those banks are almost exclusively focused on blue chip corporate lending, as well as consumer credit cards.”

The company, which last month raised $42 million in Series B financing led by Goldman Sachs and Point72 Ventures, developed an underwriting model that can scrape data from tax filings, invoices and bank accounts to support underwriting decisions. Using this information along with collateral from customers, the company is able to go beyond traditional credit scores, according to Poritz. Much like the company’s American counterparts BlueVine and Kabbage, Credijusto hopes to entrench itself as a lending option for small businesses that have difficulties securing loans from banks.

Credijusto customers can apply for small business loans either online or through a customer service representative over the phone. Credijusto can provide a decision within an hour, and Poritz said the goal is for customers to receive funding within a week.

The company offers a term loan, a credit line and a machinery leasing product. Credijusto requires at least one piece of real estate to back its small business loans, including homes, office spaces, lots and industrial buildings. For the leasing product, customers can back the loan with a piece of equipment.

Credijusto lends between $200,000 and $10 million to customers, who have been between 12 and 48 months to pay back the loans. Although interest rates start at 18%, rates  typically are higher than 20%. As the customer gains a track record of good payment behavior, Credijusto can offer better rates. 

The company is planning to launch a credit card in the near future, part of Credijusto’s goal of becoming an all-encompassing financial institution for Mexican small businesses. It is marketing its services through search engine keywords and paid social media, as well as direct mail. Credijusto’s clients include clothing manufacturers, hotels, gyms and software companies.

See also: SMB lender Kabbage secures $200m in funding for growth

The four-year-old company has secured $100 million in debt financing and an additional $53 million in equity funding. Poritz said it’s using the money to hire about 75 new employees by the end of the year, including employees to help with the credit card launch.

Credijusto joins a range of other startups aiming to lend to small businesses. Last week, for example, Mexican small business lender Konfio also raised $100 million in debt financing from Goldman Sachs. Although Konfio currently offers unsecured loans, it’s planning to use the funding to offer collateral-backed loans. 

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