Listo Financial said it raised $8.5 million of Series A capital in a round led by LEAP Global Partners and joined by Mexico Ventures, Continental Advisors and existing investors. Roman Leal, a managing partner at LEAP, and Paul Purcell of Continental Advisors will join the board.
A press release follows:
Cross-Border Venture Capital Fund LEAP Global Partners Leads $8.5 Million Series A Round Investment in Listo
Mexico Ventures and Continental Advisors also participate in A round so Listo can expand footprint, enhance digital offering and roll out new financial products
Palo Alto, CA, June 7, 2018 — Cross-Border Venture Capital Firm, LEAP Global Partners, announces that it led the just-closed $8.5 million Series A round for Listo Financial, a company offering responsible credit, auto insurance and life insurance products through strategically located physical retail stores and online. Founded by former founders and executives of Oportun (formerly Progreso Financiero), Listo Financial aims to become the trusted financial services provider to the large and growing U.S. Latino community. Also participating with LEAP in this funding round are Mexico Ventures and Continental Advisors as well as existing investors.
“LEAP is thrilled to partner with a socially-responsible financial services company that is providing the U.S. Latino community – a large portion of which remains underbanked – with opportunities to access credit, protect their assets and build wealth for retirement under one roof,” said Roman Leal, Managing Partner, LEAP Global Partners. “We are convinced that this is a large, untapped market opportunity and Listo is well poised to become the market leader given management’s relevant experience and the company’s ongoing traction.”
Roman Leal will be joining the Listo board as will Paul Purcell of Continental Advisors. A unique venture fund, LEAP Global Partners concentrates its investing in LatinX-led companies as well as startups that see the Latin American market as critical to their long-term success. Listo Is the first Series A investment led by LEAP and follows the first series of four Seed round investments LEAP made late last summer which included a seed investment in Listo.
Commented Sam Ulloa, Co-founder, Listo, “We are excited to be partnering with LEAP for many reasons, one of which is the alignment of our core values. At Listo, we are providing access to life changing financial services to a large underserved community of hard-working Latino families while LEAP is empowering talented under-represented entrepreneurs with access to venture capital to scale the much-needed social impact.”
Adriana Narvaez at Mexico Ventures said, “Listo aims to become a trusted financial services provider to the untapped U.S. Latino communities around the United States, many of which are not adequately served by the banks and traditional financial establishments. We are proud to help them with funding to bring the tools and services to this community and look forward to continued growth and innovation.” For Mexico Ventures, “having an investment that makes economic sense and provides U.S. Mexicans access to credit and insurance is important to us,” Narvaez added.
For LEAP, the investment is an ideal cross-border opportunity which aligns directly with its mission and vision. “LEAP and the rest of the investors recognized Listo’s opportunity to build out its digital offerings and broaden the reach,” Leal continued. “As we build out our LEAP portfolio, we continue to see extraordinary potential in providing financing to this segment as only 1% of venture capital backing goes to LatinX led companies and foresee excellent returns from these talented founders and the teams they build.”
About LEAP Global Partners
Founded by Goldman Sachs alumni, Roman Leal and Pablo Perez III, LEAP Global Partners, the first Latino cross-border venture capital firm, concentrates on investing in LatinX-led companies in Mexico and the United States as well as startups that see the Latin American market as critical to their long-term successes. The company is actively investing in LatinX-founded companies as well startups that could leverage its cross-border network to expand across the Americas through its flagship fund, LEAP Partners I. For more information visit www.leapglobalpartners.com.