Mexican fintech Klar acquires credit risk startup SOMOS

Mexican fintech Klar has announced the acquisition of SOMOS, a company that designs credit risk models.

Klar is a startup that offers a digital, secure and transparent alternative to traditional credit and debit services. The fintech aims to democratize access to banking for Mexicans.

SOMOS, on the other hand, redefines credit risk analysis by performing quantitative underwriting for consumer credit. The deep learning technology used by the startup was created by its founders Federico Derby, Alejandro Dobles and Juan Carlos Sarmiento.

Through this deal, Klar wants to increase its decision-making capacity. This will help them reduce risk and improve the customer experience:

“Acquiring SOMOS allows us to further enhance our proprietary data science capabilities: we generate, store and analyze massive amounts of data that we use to inform our decision-making, reduce risk and improve the customer experience. . Adding the SOMOS team and technology to the Klar platform puts us in a unique position to continue delivering differentiated and personalized value to our customers,” said Stefan Möller, CEO of Klar.

Klar recently announced the closing of a $70 million funding round, led by General Atlantic. In total, the startup has raised over $150 million in funding since its inception in 2019.

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