Business Latin America

  Kavak the Mexican ‘unicorn’ startup, to receive US $810 million in debt financing Kavak.com used car company The used-car sales company isn't yet profitable, but claims it now will be within six months. Kavak, which runs online used-car marketplaces in seven countries, said Tuesday that it had secured $675 million in funding from the bank HSBC. Source: Mexico News Daily The used-car company aims to lower barriers to loans in Latin America, where only 1.5 in 10 people own a vehicle Mexico’s first “unicorn” company – a startup valued at more than US $1 billion – has secured US $810 million in additional funding Kavak – Latin America’s largest unlisted company – previously announced that it had reached credit line deals with Goldman Sachs and Santander bank for US $100 million and US $35 million, respectively. The HSBC financing will allow Kavak to increase its car loan offerings, while the funds provided by Goldman Sachs and Santander are for business development and to...