Yemen's Houthi rebels have claimed responsibility for the attacks, which created a huge fire at a processor essential to global energy supplies.Politicsread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Trailers have become a cult phenomenon. Even short teasers that reveal little about the plot of the upcoming film are headline-worthy. Blogs and forums have become devoted...Entertainmentread more
Thanks to the performance of Beyond Meat, investors who focus on venture-backed tech IPOs have done well this year despite some notable disappointments.Technologyread more
Software company Intuit, maker of tax helper TurboTax, is in its eleventh year of stock gains and up 36% this year.Investingread more
CNBC did a deep dive through the most recent Wall Street research to find stocks with upside potential.Marketsread more
The benchmark 10-year Treasury note yield tested 1.5% in late August and early September, bouncing off that level and most recently trading around 1.8%. However, another...Marketsread more
Mexico's Credijusto@ (Corrects figure in headline and first sentence after company amended it to $42 million from $40 million)
NEW YORK, Aug 29 (Reuters) - Goldman Sachs Group Inc, Point72 Ventures and others invested $42 million in a Mexico-based online lender called Credijusto.com, the companies said on Thursday.
Founded in 2015, Credijusto has originated $90 million in loans and equipment leases to small businesses like dry cleaners and mechanics across Mexico, according to a statement from the company and investors.
This is the first time Goldman's Principal Strategic Investments group and the venture capital arm of Steve Cohen's investment firm Point72 have invested in Mexico's fintech market, and it is a sign they see potential for growth.
Mexico has experienced a steady rise in startups aiming to use technology and mobile phones to sell financial services to poor and middle-class customers who do not use traditional banks.
About 42 million Mexicans do not have bank accounts because they charge steep fees, there is not a branch nearby or because some banks have lost public trust due to their past scandals.
Mexico's government has said it is looking to fintechs to play a major role in increasing financial inclusion in the country.
Credijusto is tackling the financial inclusion gap for small and medium-sized companies, which comprise 99% of Mexico's businesses but get just 15% of loans issued by major banks, according to the statement.
"Here's this big market that's largely under-served and inefficient, and this modern lender can make sense of data that's available," Pete Casella, a partner at Point72 Ventures, said in an interview. "If you can better underwrite a customer and do it faster then you're going to capture share."
Companies may wait five months to get approved for a loan by a Mexican bank, and interest rates may be five times as much as those offered by U.S. banks, according to the statement.
Credijusto speeds up the process by checking a company's creditworthiness by looking at invoices it filed with the federal tax authorities.
Using traditional underwriting methods and key invoice data, Credijusto can view a company's spending and income patterns and business partners before deciding on issuing the loan, which typically ranges from $20,000 to $500,000.
"This financing round is a validation of Credijusto's rapid growth ... and will further support our aim of building a world-class tech company that empowers (companies) through access to credit," said Credijusto co-Chief Executive Allan Apoj.
The company plans to use the money, in part, to launch a credit card offering. (Reporting by Elizabeth Dilts in New York Editing by Matthew Lewis)