L Catterton Brings in New Investors to Strategic Partnership with Crediclub

IFC, Sarona, and other global investors to partner with L Catterton as co-investors in Crediclub

MEXICO CITY, Oct. 26, 2022 /PRNewswire/ -- Crediclub, one of Mexico's fastest-growing lending platforms, today announced that several leading global private equity investors have joined as co-investors in the company's recently announced partnership with L Catterton, the largest global consumer-focused private equity firm. Several of Crediclub's current investors also participated in the US$80 million round.

Collectively, the investment will help accelerate Crediclub's growth and support its mission to provide all Mexicans with access to greater and more affordable financial products. This partnership provides Crediclub with significant growth capital and harnesses the combined expertise of multiple leading global investors to expand Crediclub's product offering in Mexico, drive customer acquisition, enhance technological capabilities, and accelerate brand awareness. The new co-investors, which are investing as part of L Catterton's original equity commitment include IFC, Sarona and other international players.

"We have developed a strong and productive partnership with L Catterton and are thrilled that they leveraged their broad relationships across the globe to support our continued growth," said Juan Francisco Fernández, CEO and co-founder of Crediclub. "These new investors bring additional expertise as we enhance the capabilities that make Crediclub such a powerful alternative to traditional banks."

Crediclub continues to invest in technology to improve the customer relationship experience for both its lending and deposit products. The company recently launched several new technological initiatives to expand its suite of simple and easy-to-use lending products, including Crédito Express Productivo and a digitally-driven offering in Small and Medium Enterprises (SMEs) lending and investment services.

"We are incredibly passionate about Crediclub's outstanding growth potential serving the underbanked population in Mexico - and about its performance, which is unmatched when compared to other financial disruptors in the region," said Ramiro Lauzan, a Partner in L Catterton's Latin America Fund. "We are very pleased to be joined on this opportunity by some of our most prominent and loyal investors, who share our conviction in Crediclub as a driving force of financial inclusion in Mexico."

The transaction is expected to close in early 2023, subject to customary regulatory approvals.

About Crediclub
Crediclub, S.A. de C.V., S.F.P. is an impact oriented regulated financial institution with a mission to drive financial inclusion in Mexico by offering top-tier financial products. Crediclub has 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. For more information about Crediclub, please visit crediclub.com.

About L Catterton
With approximately $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 around 250 investments in consumer businesses. For more information about L Catterton, please visit lcatterton.com.

About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

About Sarona Asset Management
Canada-based Sarona Asset Management is a private investment firm, investing in companies, private equity funds, and venture capital funds in Emerging Markets. Sarona's particular focus is the small to mid-market companies that meet the growing needs of the rising middle class in those markets. Its goal is to achieve superior returns by creating world-class companies employing highly progressive business strategies, and operating to the highest standards of business, ethical, social, and environmental excellence. Sarona is a Certified B Corporation™ (B Corp), a founding member of the Global Impact Investing Network, an AVPN member, a signatory of the UN Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management, as well as a member of the 2X Collaborative. For more information, please visit: https://www.saronafund.com/.

Media Contact:

Crediclub
Priscila Escalante
Corporate Development Lead
[email protected] 
+52.228.206.0854

L Catterton
Julie Hamilton
Managing Director, Firm Communications
[email protected]
203.742.5185

SOURCE L Catterton