Unitus Equity Fund L.P. Invests $1,000,000 in Credex
Thursday, September 7, 2006
“We’re delighted to be the Unitus Equity Fund’s first investment in Mexico,” said Credex Founder and CEO Eduardo Gallardo. “Since we started in 2002 Credex has achieved tremendous growth. With the Fund’s investment, we’re in a position to finalize the implementation of our new microfinance methodology and provide financial services to even more of Mexico’s working poor and underserved population. That we can attract international financing such as the Unitus Equity Fund highlights the effectiveness of our pro-growth strategy and the strength of our organization.”
REDMOND, Wash., Sept. 6 /PRNewswire/ — The Unitus Equity Fund L.P., a private equity fund which invests in emerging microfinance institutions (MFIs) in Asia and Latin America, today announced an investment in Credex (Grupo Crediexpress S.A. de C.V.), an MFI in Mexico. The Fund’s investment of $1,000,000, its first investment in Mexico, will support Credex’s work to bring financial services to more of Mexico’s poor. The Unitus Equity Fund is affiliated with Unitus, Inc., a leading microfinance organization based in Redmond, Washington. Co-investing with the Unitus Equity Fund in Credex are Controladora Project S.A. de C.V., a Mexican investment fund, and several individual Mexican investors.
With 15 branches in seven Mexican states, Credex is one of the fastest- growing MFIs in Mexico, serving more than 12,000 clients. Credex, founded in 2002, targets the working poor in southwestern and central Mexico and has plans to expand across the nation.
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