Covalto, a Leading Digital Banking and Services Platform for SMEs in Mexico, receives additional financing and ratings upgrade
Summary
Meanwhile asset quality levels reflect strong credit performance as the NPL ratio was reported at 2.6% as of the end of August.The news follows Covaltos recent announcement of its planned merger with LIV Capital Acquisition Corp. II (LIVB) (NASDAQ: LIVB), a special purpose acquisition company launched by Mexico City-based fund LIV Capital. The closing of this USD $10 million unsecured debt facility is particularly significant in view of the challenges that some of Mexicos Non-Bank Financial Institutions (NBFIs) are currently facing. The ratings report takes into consideration Covaltos expected SPAC transaction with LIVB, the sharp reduction in nonperforming loans as well as the banks sustainable growth perspectives, which show a clear path to profitability. The company provides a one-stop solution by bringing together a multi-product credit offering, banking and payments services, and a full suite of business analytics tools. We use a combination of cutting-edge proprietary software, innovative applications of data science and advanced internal processes for decision making and product structuring.