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HSBC, Goldman, Santander Ink $810 Million in Financing for Kavak

  • HSBC offers $675 million in financing to buy Mexico car loans
  • Goldman Sachs, Santander provide $135 million for inventory
Kavak CFO Moises Flores
Kavak CFO Moises FloresSource: Kavak
Updated on

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.