Keo World Lands $500M to Scale B2B Supply Financing in Mexico
Summary
Keo will use this facility investment to expand the purchasing power of thousands of small-to-medium-sized businesses (SMBs) via its Workeo program. Through Workeo, SMBs are issued a Keo American Express Virtual Card and a credit line after a fast digital approval process. “We are delighted to have agreed to this funding arrangement which will enable us to grow the reach of our B2B supply financing program to many more businesses in Mexico,” said Paolo Fidanza, Founder and CEO of Keo. “In a market where less than 12% of total traditional credit is extend to SMBs, our Workeo product allows business buyers to access key inventory on credit, and suppliers to increase their recurring sales, enhancing working capital management via an all-digital frictionless and low-cost inventory financing platform, thanks to the American Express network.” “The SME segment is key to developing the B2B payments ecosystem in Mexico,” said Mario Luna, Vice President Global Network Partnership Latino América at American Express. “This agreement enables further product development and expands our volume so we can continue to help these businesses grow.” Keo was the first Non-Bank Financial Institution (NBFI) to be granted an issuing license by American Express in Mexico.