Humble, very competitive, growth mindset – – – this is what I look for in founders and this is what I found in Andres Perez Romo Leroux at AltScore.
I forget exactly how we connected, but I do remember clearly my first meeting with Andres via Zoom while I was on vacation in Hawaii in July of 2022.His pitch was unusual on many fronts.
His pitch deck had minimal content but he had an amazing data room (thank you Andres Barreto and Techstars Miami ) with a long form memo that described the business. I voraciously read the memo and the rest of the content in the data room and could tell this was a very thoughtful person who knew his market.
I was looking for companies that would help modernize the delivery of B2B credit, and at the time AltScore looked like the Stripe for Credit in LatAm – credit scoring APIs for B2B companies looking to launch credit products to their customers. Also, AltScore had an “AI” offering before it was cool.
After several discussions, I decided I was excited to back Andres, his co-founder Mateo Semerene, and the team at AltScore. I made a few introductions to other investors who later invested (thank you Peter Livingston at Unpopular Ventures) and watched as Andres and the team continued to execute and bring on great investors (e.g., Caffeinated Capital).
What stands out about Andres and the team at AltScore is their focus on continuous improvement.
What started out as a credit scoring API service has now evolved into a complete end-to-end lending infrastructure (“rails of lending”) so that B2B companies in LatAm have all the tools to launch digital credit products to their customers.
AltScore also evolved their go-to-market strategy substantially over the last 1.5 years. From taking any customer to now targeting a very specific type of client. From founder led sales to a very disciplined enterprise sales process.
And all the while being extremely efficient. Growing ARR more than 3X in 2023 while having a burn multiple <1.0 in Q4 2023.
As a founder and as an investor, the journey is long and you do your best to find people and companies that you enjoy working with and that you can learn from, and I got lucky to find Andres and the team at AltScore.
I am grateful that they were the first new company investment of NuMundo Ventures, and I can’t wait to see their progress in 2024 and for years to come!
Joaquín Dávalos Maldonado, Paulo Renato Castro Da Silva, Ian Hathaway, Jonathan Fentzke, Fernando Rivera, Miguel Fernandez Larrea, Tommy Nicholas, Far Out Ventures, BuenTrip Ventures, Kamay Ventures, Lorimer Ventures, Sebastian Barriga
