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Covalto

“Can a Mexican SME lender — armed with a banking charter and fiscal-data underwriting — become the dominant digital bank for the underserved Mexican business segment?”

Founded2015
HQCiudad de México, Mexico (Ferrocarril de Cuernavaca 689, Piso 9, Colonia Ampliación Granada, Alcaldía Miguel Hidalgo, C.P. 11529)
Total raised$453M
Latest roundDebt
Valuation$547M (SPAC merger valuation, 2022)
IndustryFintech / SMB banking
The story

Founded in 2015 as Credijusto, a data-driven SME lender that pioneered using Mexico's electronic invoice (CFDI) infrastructure for credit underwriting. The company pivoted from pure lending to full-stack banking when it acquired Banco Finterra in 2021, obtaining a Institución de Banca Múltiple charter — the first Mexican digital platform to do so. Under the Covalto rebrand (2022), it repositioned as a comprehensive digital bank for businesses, adding investment accounts, factoring, leasing, and fiduciary services. The failed SPAC listing (CVTO/Nasdaq) left it privately held but well-capitalized, and it is now deepening its AI-driven underwriting and operations stack in partnership with Google Cloud.

Last 12 months
2026-Q2
2026
2026
Product timeline
2015
Founded as Credijusto, a digital lending platform for Mexican SMEs using tax invoices and fiscal data (CFDI) as credit underwriting inputs.· lending
2021
Acquired Banco Finterra (later renamed Banco Covalto), becoming the first Mexican digital financial platform to hold a full banking license (Institución de Banca Múltiple).· banking
2022
Announced SPAC merger with LIV Capital Acquisition Corp. II at a $547M valuation to list on Nasdaq as Mexico's first US-listed fintech; rebranded from Credijusto to Covalto.· ipo
2023
Expanded product suite beyond credit to include business accounts (Cuenta para Negocios), investment products, factoring, and leasing under the Covalto brand.· banking
2025
Launched AI strategy in partnership with Google Cloud, including Document AI for financial analysis and organization-wide AI adoption program.· pivot
Acquisitions
Banco Finterra2021
Acquired this regional Mexican bank to obtain a full Institución de Banca Múltiple charter, renamed it Banco Covalto — enabling deposit-taking, broader lending, and fiduciary services.
Regulated entities
1
regulatory licence held by Covalto
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Covalto’s embedded-finance stack
Banking / BaaS
Banco Covalto, S.A.Institución de Banca Múltiple (in-house)
Lending
in the full report
Accounting gap: significant
5 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.