The startup YoFiodedicated to transforming access to credit for microbusiness through technology, has achieved a significant milestone by raising 10 million dollars of capitalpromising a promising future for the little stores in Mexico.
YoFio provides immediate loans to microbusinesses, especially small stores, which form an essential part of the local Mexican economy. Through an artificial intelligence model called Machine Vision, YoFio evaluates the creditworthiness of these small businesses, offering them valuable information about their inventory and margins.
YoFio wants to promote small stores
The platform has demonstrated a significant impact on the local market, supporting small stores to overcome financial challenges and adapt to economic fluctuations. According to data from the National Alliance of Small Merchants (ANPEC), these stores supply more than 52% of national demand and generate 1% of Mexico’s Gross Domestic Product (GDP). Despite the difficulties faced, the little stores have shown remarkable resilience, maintaining its relevance in the communities.
The capital injection will allow YoFio to expand its service offering and consolidate its position as a pillar of support for microbusinesses in Mexico.
With a focus on the digitalization and professionalization of small stores, YoFio not only seeks to facilitate access to credit. The startup also wants to promote more efficient and secure business practices.
YoFio Social Impact
Behind every little store there are stories of effort and perseverance.
An estimated 6 in 10 of these businesses are run by women, underscoring YoFio’s importance in the economic empowerment of women in Mexico.
By providing accessible financial tools, YoFio is helping to sustain entire families and communities.
With the recent capital raising, YoFio is preparing to face new challenges and explore growth opportunities. The company plans to expand its presence in the national territory and potentially explore international markets, taking its successful model of financial inclusion beyond the borders of Mexico.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.