Investment Thesis
Credito Real (CRQDF) is a Mexican non-bank financial institution offering loan products in Mexico, the United States, Costa Rica, Nicaragua, and Panama. Despite operating in a number of countries, Mexico is still the company's largest market accounting for 82% of the company's loan book. Credito Real offers a wide variety of loan products, but its largest product is payroll loans in Mexico, which was 68% of the company's gross loan portfolio at the end of 2018. It targets under-banked segments of the population in countries with under-penetrated financial sectors providing the company an