2024-09-20 08:01:00 +0300
Kavak Signs $810 Million Financing Deals With Global Banks
Kavak, Latin America’s biggest startup, signed structured financing agreements with HSBC Holdings Plc, Goldman Sachs Group Inc and Banco Santander SA worth $810 million as it looks to expand operations amid a downturn in the tech industry.
Specifically, HSBC will provide $675 million of financing to purchase Kavak’s current and future loan portfolio in Mexico while Goldman Sachs and Santander will provide loans backed by assets including warehouses and cars worth a combined $135 million, chief financial officer Moises Flores said in an interview at the company’s Mexico City offices.
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