Crediclub Partners with L Catterton to Accelerate Growth and Expand Access to Financial Services in Mexico

MEXICO CITY, May 19, 2022 /PRNewswire/ -- Crediclub, one of Mexico's fastest-growing lending platforms, announced today that it has entered into a binding agreement to partner with L Catterton, the largest global consumer-focused private equity firm. Under the terms of the agreement, L Catterton Latin America will acquire a significant minority stake to support the company in its mission to provide all Mexicans access to better and more affordable financial products.

The new partnership provides Crediclub with significant growth capital and expertise from L Catterton to expand its product offering in Mexico, invest in customer acquisition, enhance technological capabilities, and accelerate brand awareness. The investment comes at a time of rapid change for a category in which technology adoption and digitalization are allowing for further inclusion through innovative and low-cost products and services.

Founded in 2005 by an entrepreneurial team in Monterrey, Crediclub has become one of the most prominent non-bank financial institutions in the country. To date, the company has disbursed more than $2 billion in loans and offers a fully digital investment product which is revolutionizing the way Mexicans manage and grow their savings.

"With the development of innovative financial services tailored to the needs of the underbanked Mexican consumer, Crediclub has become a powerful alternative to traditional banks," said Juan Francisco Fernández, CEO and co-founder of Crediclub. "Our partnership with L Catterton will allow us to significantly grow and scale our business further, while preserving the quality and customer experience that set us apart."

"Crediclub's defining features have been performance and impact. Not only does it have some of the best underwriting, operating, and funding capabilities in the industry, it has also consistently improved standards of living in Mexico by driving financial inclusion, notably among women," said Ramiro Lauzan, a Partner in L Catterton Latin America. "Going forward, we expect innovation to become another hallmark of Crediclub, as it disrupts the market with new, better, more accessible financial products. As impressive as Crediclub's journey has been so far, we are confident it is about to become even better."

L Catterton has significant experience investing in financial services platforms. Current and past investments include Better Mortgage, Freetrade, and Eco. Other L Catterton Latin America investments include NotCo, Petlove, Despegar.com, OdontoCompany, Valoreo, Ben & Frank, Cholula, and Espaçolaser.

The transaction is expected to close by the end of 2022 subject to customary regulatory approvals.

About Crediclub 
Crediclub, S.A. de C.V., S.F.P. is a regulated financial institution with 2.5 million credit operations and more than $2 billion in loans granted historically, in addition to being a pioneer and leader in the digital savings and investment segment. The company's product portfolio includes group, individual, and productive personal loans; savings and investments; a digital wallet with BNPL capabilities; and an offering for small and medium sized businesses. Crediclub was founded in 2005 by an entrepreneurial team supported by a group of international investors with vast sector expertise. The Company's compelling value proposition, combined with outstanding underwriting and operating capabilities and a low-cost, low-risk source of funding, has allowed it to consistently deliver best-in-class unit-level economics and profitability while focusing on its mission to drive financial inclusion in Mexico. For more information about Crediclub, please visit crediclub.com.

About L Catterton
With more than $33 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. Leveraging deep category insight, operational excellence, and a broad strategic network of relationships, L Catterton's team of nearly 200 investment and operating professionals support management teams around the world in building strong, category-leading brands. Since 1989, the firm has made approximately 250 investments in consumer businesses. For more information about L Catterton, please visit lcatterton.com.

Media Contacts:

Crediclub
Jose Pablo Torres
Corporate Development Director
[email protected] 
786.620.7272

Priscila Escalante
Corporate Development Lead
[email protected] 
+52.818.366.7072

L Catterton
Julie Hamilton
Managing Director, Firm Communications
[email protected] 
203.629.5185

SOURCE L Catterton