Venture capital fund Yolo Investments had backed Estonia-founded financial marketplace AskRobin with a significant investment.
AskRobin provides financial services for underbanked customers in Latin America. It pairs free credit scoring with a marketplace of financial products in key markets across the region, including Mexico, Argentina and Colombia.
The seed round funding is backed by Yolo and a number of other VC funds, as well as several tech entrepreneurs.
Tim Heath, GP at Yolo Investments, said: “In a short space of time, AskRobin has disrupted the financial services industry in Latin America by offering innovative solutions to the underbanked. Its agile approach to finance and banking fits closely with our own ethos and we look forward to providing the backing that will allow this fast-growing Estonian start-up to reach the next level.”
Rain Sepp, co-founder and CEO at askRobin, added: “For lending companies those risk-based customer segments and risk-adjusted product offers increase their approval rates, lower their CAC [customer acquisition costs] and help them to control credit risk – gradually opening up the markets where they simply lacked data and access previously.”