Addem Capital, a Mexico City-based fund specializing in the Latin American region, closed a 24-month revolving deal with Brazilian companies Credmei and Credix. This is the first time Addem has served as an underwriter in Brazil, marking a milestone in the fund’s presence in the South American country. The deal was made in collaboration with Credix, who contributed 80% Senior Tranche, while Addem’s underwrote a 20% junior-mezzanine tranche.
Based in the prosperous region of Minas Gerais, Credmei is a disruptive fintech that focuses on financing accounts collectible for SMEs working in Brazil. It was founded in 2013 with the goal of simplifying and enhancing the flow of short-term receivables, particularly in the agribusiness and food industries. Credmei targets companies with an annual revenue of 1-30 million USD, and has managed +95 million USD with a 0.03% portfolio loss during its 10 years of existence. Thanks to its digital platform and its cutting-edge technology, it has revolutionized the Brazilian receivables market.
The 5 million USD deal represents a landmark for Addem Capital and a tangible proof of the success driven by their alliance with Credix. Addem’s careful introduction into the Brazilian start-up ecosystem has been largely led by Credix, and their role as underwriters for this project indicates a fast-paced learning of the local dynamics and the possible synergies within the larger Latin American market.
This collaboration between a Mexican and a Brazilian fund, in clear alignment with Addem Capital’s mission, is projected to be one of many international alliances between visionaries looking to boost the enormous entrepreneurial potential of LATAM. The number of players in the region is growing, and new game-changing deals are on the way.