INFOGRAPHIC: LatAm's Top Weekly Startup Funding — Week 31

Emmanuel Oyedeji -
  • Digitt Secures $50 Million to Help Mexicans Tackle Credit Card Debt
  • Argentine Paytech Tapi Raises $22M to Expand Payment Infrastructure
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Digitt Secures $50 Million to Help Mexicans Tackle Credit Card Debt

Mexican fintech Digitt has secured a $50 million line of credit from CoVenture Management to help more people tackle their credit card debt.

Digitt's business model is based on the observation that many Mexicans with good credit scores are still burdened by high-interest credit card debt. By refinancing these debts, Digitt offers consumers more affordable and predictable payment plans.

This investment marks CoVenture's first foray into the Latin American market, highlighting the growing interest in the region's fintech sector. The partnership will enable Digitt to expand its product offerings and strengthen its position in the market.

Since its launch in 2019, Digitt has experienced rapid growth, with revenue tripling in the past year. The company is now poised to become a leading player in the Mexican debt relief space.

The company, which refinances credit card debt for consumers, aims to triple its portfolio in the next year, reaching over 15,000 customers. This growth will be fueled by the new funding.