AvaFin Group

As per April 2024, Capitec Bank, South Africa's largest retail bank and AvaFin's strategic investor, has acquired a controlling interest in the company. Partnering with Capitec Bank will provide AvaFin with the resources and reach to expand its market presence and scale up its operations, leveraging synergies to grow its footprint in the consumer lending space.

AvaFin Group expanded to Mexico in 2016 under the Lendon brand. In 2017, the Moneyveo entity was acquired in order to obtain the SOFOM (Sociedad Financiera de Objeto Multiple) licence, i.e. licence for granting loans. A rapid expansion followed, leading to EUR 1M in revenue per month by 2019. In 2020, a mobile application was launched under a separate brand, later consolidated under the Lendon brand, which is currently the only brand and entity operating in Mexico. Going further, as a part of the group-wide initiative, all AvaFin Group companies, including the Lending Company, underwent the rebranding process and will further operate under the AvaFin brand. The goal is to create a more recognizable international brand with a stronger brand identity. Currently, the Lending Company has a strong market position in the Mexican market, with an estimated market share of 33%, taking second place in terms of market share amongst competitors. The Lending Company grew a lot during the past years, and further growth is expected in terms of portfolio, revenue, and profitability. Further development of the Lending Company is currently an important priority for the AvaFin Group.