COVALTO

Covalto is a digital banking and services platform for small and medium-sized enterprises in Mexico, operating as a regulated bank following its acquisition of Banco Finterra in June 2021. Founded in 2015 and formerly known as Credijusto, the company became the first Mexican fintech to acquire a regulated bank, granting it direct access to Mexico's interbank payment system and significantly lowering its cost of funding. Headquartered in Mexico City, Covalto was co-founded by Allan Apoj and David Poritz and has grown to approximately 430 employees. The company provides a comprehensive suite of financial solutions including multi-product credit offerings, banking services, and business analytics tools designed specifically for the SME market. Core products include structured loans, factoring services, working capital financing, and equipment leasing, all delivered through a digital platform that leverages proprietary technology. Covalto utilizes alternative data sources including digital tax information, e-invoices, and financial data to underwrite and service SMEs at scale, enabling faster credit decisions and expanded access to capital for businesses often underserved by traditional banks. The platform integrates artificial intelligence and advanced analytics in partnership with Google to optimize processes and risk assessment. Covalto works with development entities such as FIRA and Nacional Financiera to promote projects in the agricultural sector. The company is backed by institutional investors including QED Investors, Goldman Sachs, Kaszek Ventures, and Breyer Capital, having raised over $242 million in funding. In 2022, Covalto announced plans to list on Nasdaq through a SPAC merger with LIV Capital Acquisition Corp. II valued at $547 million, though this transaction was mutually terminated in November 2023. Covalto operates without physical branches, passing operational efficiencies to clients through its fully digital model.