Mexarrend and Zinobe Announce a Business Combination to Create Tangelo, a Technology Company Offering Innovative Credit Solutions in Latin America

MEXICO CITY, January 27, 2022 /PRNewswire/ — Mexarrend, from Mexico second independent asset-based lender that offers financing solutions for small and medium-sized enterprises, and Zinobe, Colombia the leading digital lender providing alternative credit products for individuals and small businesses, today announced an agreement to combine and form Tangelo (, a new technology company offering innovative credit solutions in Latin America.

Tangelo brings together Mexarrend’s more than twenty-five years of operational and credit risk experience, backed by deep institutional relationships, with Zinobe’s advanced technology and analytics capabilities to deliver integrated credit solutions targeting SMEs and consumers through Latin America. The business combination puts Tangelo in a leading competitive position with a combined track record of over $1 billion in financing, 3 million loans granted, and $500 million of assets under management with a positive net result.

The company will continue to grow its existing business areas with a focus on developing integrated solutions through its partnerships with companies and institutions. Tangelo has several important differentiators, given its diverse product and risk management capabilities covering both consumers and businesses, which will enable more comprehensive offerings. This strategy will open up a substantial addressable market across LatAm, which not only includes nearly 2 trillion dollars consumer and $350 billion SME credit markets according to 2019 data, but also important underserved sectors in both markets, which Tangelo is able to access thanks to a proven track record in assessing alternative risks. The IDB estimates a $1.2 trillion gap in the Latin American market; a significant opportunity.

Tangelo will also strengthen its distribution and risk management capabilities through its new Capital Markets division which will expand relationships with financial institutions and funds to promote an effective balance sheet strategy. The company has already applied a variety of financing and de-risking structures by working with local and international investors. The new group will focus on optimizing leverage and funding costs through financial structuring and the flexibility provided by technologically advanced infrastructure.

Alejandro Monzó, Co-CEO of Tangelo, commented: “This combination has been progressing for almost two years, since our companies started working together on our Mexico joint venture. We realized very quickly that we shared a vision, as well as capabilities that complemented each other in a significant way. We have identified a clear market need for this solution, which we are clearly in the best position to meet.”

Tarek El Cherif, co-CEO of Tangelo, added: “I am very proud to work with this talented team who have already started executing our business plan. Above all, we validated our vision almost immediately, entering into several important partnerships through Latin America spanning multiple products in the consumer and SME space.”

About Tangelo

Tangelo is a Latin American financial technology company specializing in alternative credit and with more than 25 years of experience in developing tailor-made credit solutions for consumers and SMEs in the region. Using a proprietary technology platform and data-driven models, Tangelo manages a diverse set of bespoke products ranging from point-of-sale finance, supply chain finance, asset-based lending, credit scoring as a service and end-to-end. white label digital credit solutions for many industries.

About Zinobe

Zinobe is a leading Fintech company, focused on creating alternative lending products for underserved populations in Colombia and Mexico. The Company offers products to customers in the consumer, SMB and Fintech-as-a-service markets. Using its proprietary platform and rating methodologies, Zinobe has successfully leveraged its business models across the region with over 3 million transactions and consistent triple-digit growth throughout its history.

About Mexarrend

Mexarrend has become one of the largest asset-based lending companies in Mexico over the past 25 years. The company specializes in financing solutions for fast-growing and underserved small and medium-sized enterprises (SMEs) to acquire productive assets and equipment to support their growth. Mexarrend offers competitive and reliable sources of financing through its four main products: capital leases, financing, operating leases and rental.

Forward-looking statements

This document contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “forecast”, ” intention, “seek”, “target”, “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters.These forward-looking statements include estimated financial information.These forward-looking statements regarding revenues, earnings, performance, strategies, prospects and other aspects of the business of Mexarrend, Zinobe or the combined company after the completion of the business combination are based on current expectations which are subject to risks and uncertainties.

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