Evaluating only EasySi’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Ran out of cash.
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Documented cause
EasySi provided working capital loans to Mexican small businesses. After raising $8M it scaled aggressively but Mexico's 2019 economic contraction raised default rates above sustainable levels. Unable to raise a Series B in a deteriorating macro environment, EasySi shut down in 2019.
Lesson
“SME lending in emerging markets is highly sensitive to macro cycles. Build capital buffers for 2x your expected default rate before scaling. The cycle always turns.”
FAQ
Why did EasySi fail?
EasySi, a Mexican SME lending startup, failed in 2019 when Mexico's economic contraction raised default rates above sustainable levels. Unable to raise a Series B in the deteriorating environment, the company shut down.