Baubap, a pioneering consumer microlending platform, has announced a significant boost to its operations with $120 million in debt financing from SixPoint Capital Management, leading its pre-Series A funding round.

Baubap is a developer of a microlending financial platform designed to offer personal loans. The company's platform offers instant loans to customers through its mobile application without the need for documents or convoluted processes, thereby enabling users to apply for a loan anytime and anywhere.

Baubap was founded in 2018 by Luis Villarreal, Roberto Salcedo and Conrad Wilkinson Schwarz. 

With this latest infusion of capital, Baubap aims to significantly expand its reach, targeting the addition of 1.4 million new customers over the course of the year.

This ambitious goal is driven by the fintech’s successful track record, including servicing half a million active loans monthly.

The recent funding round builds on previous financial milestones for Baubap, including $20 million in debt financing from Park Cities Asset Management in November 2022 and an initial seed funding of $3 million from Grupo Grameen in March 2021.

Roberto Salcedo, CEO and co-founder of Baubap, expressed the impact of the new financing:

This $120 million raise gives us the opportunity to support millions of Mexicans, primarily to avoid informal loans, the most expensive type of credit, and to provide them with more affordable options.