Tangelo announces a new USD$150 million warehouse credit facility with HSBC

MEXICO CITY, April 5, 2022 /PRNewswire/ -- Tangelo, a leading financial technology company in Latin America specializing in alternative credit, announced the closing of its credit facility for $3 billion Mexican pesos (around $150 million US dollars) with HSBC. This credit facility aims to support Tangelo's Mexican asset-based lending portfolio growth, optimizing cash and leverage levels, allowing Tangelo to continue diversifying its debt profile, promoting funding in local currency, and supporting increasing demand for its SME credit solutions.

This new facility will allow Tangelo to maintain an efficient capital structure, improve its profitability profile and continue reporting strong financial indicators.

Tangelo's co-CEO, Alejandro Monzó, commented: "The signing of this facility provides us with sufficient liquidity to keep expanding our asset-based lending portfolio, supporting more Mexican small and medium enterprises, and consolidate our strong position in the market".

Tangelo is a Latin American financial technology company specializing in alternative credit with over 25 years of experience developing bespoke credit solutions for underserved consumers and SMEs. The versatility of its proprietary technology platform enables product customization and the ability to quickly build and scale different credit products, ranging from point-of-sale financing, supply chain financing, asset-based lending, credit-scoring-as-a-service, and end-to-end white label digital credit solutions for multiple industries and regions.

SOURCE Mexarrend, S.A.P.I. de C.V.