Lending fintechs in Latin America is rising to a new challenge. The wave of digitization and online sales in countries such as Mexico is leading to new, untapped opportunities in the SME segment. Several of the most prominent fintech players in Mexico announced million-dollar investments in the past few months as they aim to step up loans to small and medium-sized businesses in the country.

Softbank-backed fintech unicorn Konfio recently upsized its borrowing capacity with Goldman Sachs and Gramercy to a combined $227 million to lend to SMEs in Mexico. Neobank Kapital drew a $100 million credit line last year to become Latin America’s “neobank for SMEs.” Earlier this year, Argentine fintech company Uala said it would launch SME loans in Mexico.