The Mexican fintech Mango, co-founded by Sergio Angelini, Luis Morales and Patricio Naumann, announced the closing of a Seed+ round that raised the capital raised since its founding to US$6 million. The operation was led by Brick & Mortar Ventures, with the participation of Ironspring Ventures.
The company develops financial infrastructure for the construction industry, connecting contractors, developers, distributors and suppliers on a platform that integrates purchases, payments and financing, while generating information to facilitate access to credit.
Startup that is committed to improving access to credit in construction
Mango seeks to develop a specialized credit information infrastructure for the construction industry in Mexico. Its platform converts data on purchases of materials, payments and progress of works into financial histories that make it possible to more accurately evaluate the credit risk of companies traditionally neglected by banks.
Currently, Mango works with more than 230 distributors and construction companies, has processed more than US$16 million in transactions and reports a growth of 762% in the last 12 months, consolidating its presence in a sector where access to financing continues to be one of the main barriers for SMEs.
The round will drive new products and regional expansion
With the new capital, the company will accelerate the technological development of its platform, strengthen its data analysis capabilities and expand its presence in Mexico with a view to expanding into other Latin American markets.
In addition, Mango plans to increase its team by 44% over the next nine months and launch four new financial products aimed at distributors and contractors. “Each operation at Mango builds history, and history opens credit to those who the system did not know how to measure,” said Sergio Angelini, CEO and co-founder of the startup.
