Cashea raises US$100 million to boost consumer credit in Venezuela

Cashea, a Venezuelan fintech company, has successfully raised US$100 million to bolster consumer credit in a country where it had nearly vanished. This significant funding round includes a US$40 million Series A, led by Spice Expeditions, and a US$60 million Series B, spearheaded by FinSight Ventures, with participation from other global and Latin American investors.

Pedro Vallenilla, co-founder and CEO of Cashea, stated, “Global investors are betting on Cashea and on a new vision for Venezuela: a resilient consumer economy, prosperous businesses, and millions of people with access to credit.” He emphasized the company's work since its founding in 2022 to support Venezuelans and their businesses through difficult times, signaling that the Venezuelan private sector is investable and its consumers are responsible when provided with adequate financial services.

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Global investors are betting on Cashea and on a new vision for Venezuela: a resilient consumer economy, prosperous businesses, and millions of people with access to credit.

Cashea's history is closely tied to Venezuela's economic crisis. Between 2013 and 2020, the country's GDP plummeted by over 80%, and consumer credit shrank dramatically. In this challenging environment, Cashea was founded with the goal of reintroducing financing for daily purchases, offering interest-free installments digitally.

The company's model, similar to "Buy Now, Pay Later," allows users to make a down payment via the app and pay the rest in bi-weekly, interest-free installments. Cashea offers various financing options, including 14-day plans for daily necessities, 42-day plans for items like shoes or cell phones, and up to six-month plans for larger purchases like technology or home appliances. This approach has resonated strongly, with Cashea now serving over 10 million user accounts and partnering with 40,000 merchants, processing more than 110 million transactions.

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From when we founded Cashea in 2022, we have worked to support Venezuelans and their businesses in the country's most difficult moments. This financing sends a clear signal that the Venezuelan private sector is investable and that its consumers are responsible and creditworthy when given access to adequate financial services.