Mundi, a Mexican lending platform financing imports/exports for SMEs, secured a USD100m debt facility from SVB. Base10 Partners led a USD7.8m round in February.
(ABF Journal) – Mundi, a financial services platform for cross-border trade, raised a $100 million warehouse facility from Silicon Valley Bank, enabling the company to expand and support growth.
“We are very excited to partner with Silicon Valley Bank in advancing our mission to empower SMEs to trade globally,” Martin Pustilnick, co-founder and CEO of Mundi, said. “This year alone, we have received more than 3,200 applications from new and existing exporters in Mexico. With this new debt facility, we are looking forward to serving even more companies”
Based in New York City and with operations in Mexico, Mundi has raised a total of $7.8 million in equity funding by FJ Labs and Base10 in addition to the $100 million warehouse facility from Silicon Valley Bank.
“Since the day I met the Mundi team, I was impressed with their vision and relentless execution, and they have blown away our expectations. I’m proud to support them and know that they are just getting started,” Rexhi Dollaku, partner at Base10, said.
From the beginning of the COVID-19 pandemic, Mundi has grown an average of 47% every month and doubled its monthly operations in the last two months. According to Paulina Aguilar, co-founder and Mexico director for Mundi, the debt facility from Silicon Valley Bank will be a key instrument to help Mundi reach more than 1,000 new SMEs in Mexico.
“Mundi is helping to fuel exports in Mexico, making it easier for companies to do business globally from day one,” Nick Christian, head of specialty finance at Silicon Valley Bank, said. “With this warehouse facility, we are happy to partner with Mundi to support its growth and provide more exporters with the financing tools they require.”