Baubap, a Mexican fintech for digital microloans founded in 2018 by Roberto Salcedo and Luis Villarreal, closes a US$23 million 48-month credit line, jointly structured by BBVA Spark and SixPoint Capital. The operation combines a senior tranche of 290 million pesos contributed by BBVA Spark and a complementary mezzanine tranche from SixPoint Capital, a private credit fund specialized in emerging markets.
The agreement marks a milestone for the company: it is the first time that it operates with its entire financing structure in Mexican pesos, which strengthens its sustainable growth and reduces its currency exposure. Both actors already had previous history with Baubap, which makes this operation a deepening of long-term strategic relationships.
A model that has already demonstrated its viability
Baubap was born to solve a problem that its founders knew closely: millions of Mexicans, especially informal workers and people with no credit history, were systematically rejected by traditional banks. The company developed its own risk assessment models based on alternative data from the mobile device, processing thousands of variables in seconds to grant loans from US$25 in less than 30 seconds.
Today it has granted credit to more than 2 million people, has disbursed more than 8 million loans and maintains a revenue run-rate of more than US$100 million with sustained profitability.
“Having the support of BBVA Spark is a huge achievement for Baubap that further validates our business model to provide financial inclusion to the unbanked population in Mexico,” said Roberto Salcedo, CEO and co-founder of the company.
A structure that sets a precedent in the fintech ecosystem
The alliance between institutional banking and private credit establishes a reference model for the industry, demonstrating how two complementary actors can finance the growth of high-impact platforms without depending exclusively on dilutive equity capital.
“We are excited to have helped Baubap reach a stage where it can access more competitive institutional bank financing,” said AJ Davidson, CEO and co-founder of SixPoint Capital.
With the new resources, Baubap aims to more than double its user base, going from 2 million to more than 5.5 million funded clients, consolidating its position as one of the fastest growing fintechs in Mexico and reaffirming its mission to bring fast, fair and accessible credit to those who the traditional financial system has historically left out.
