Evaluating only Credijusto / Finerio crisis’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Founder chaos.
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Documented cause
Credijusto, Mexico's leading SME lender with $170M raised, merged with personal finance app Finerio in 2021 to form Covalto. CEO Allan Apoj was removed by the board in 2022 following disputes over strategy and governance. The company underwent significant restructuring, layoffs, and a rebrand. The merger's synergies did not materialize as planned.
Lesson
“Merging two struggling fintechs does not create one strong fintech. It creates one larger struggling fintech with twice the governance complexity. Fix the individual businesses before combining them.”
FAQ
What happened to Credijusto?
Credijusto, Mexico's leading SME lender, merged with Finerio in 2021 to form Covalto. CEO Allan Apoj was removed by the board in 2022 following strategic disputes. The company restructured significantly, laying off staff and rebranding.