Vostok Emerging Finance also supported the funding round along with other existing investors QED and Kaszek Ventures.

Founded in 2014, Konfio uses technology, data analytics, and artificial intelligence to provide funding for companies, many without any formal credit history.

Gregorio Tomassi, director of corporate strategy & investor relations of Konfío, says: "This investment will enhance our working capital offering and add a suite of new products, including other lending solutions and business tools, all for the benefit of SMBs in Mexico."

The latest equity injection comes just three months after the firm secured $100 million in funding from Goldman Sachs.

To date, Konfio has raised over $400 million in debt and equity across four venture rounds and several debt financing structures.

Elsewhere in Latin America, Cora, a technology-enabled lender to small and medium-sized businesses in Brazil, raised $10 million from Kaszek Ventures, with participation from Ribbit Capital. Currently operating in closed beta, the company plans to launch its first product, a free SME-only mobile account, in the first half of 2020.