Fintech Covalto to List on Nasdaq via Merger with LIV Capital Acquisition Corp. II

Covalto Ltd. (Covalto), a leading digital banking and services platform for SMEs in Mexico, and LIV Capital Acquisition Corp. II (LIVB), a special purpose acquisition company launched by Mexico City-based fund LIV Capital, announced that they have entered into a business combination agreement that will result in Covalto becoming a U.S.-listed company.

Upon closing of the transaction, subject to required regulatory and listing approvals, LIVB will be renamed Covalto and remain listed on Nasdaq under the new ticker symbol "CVTO", marking the first time shares of a Mexican fintech will publicly trade on a U.S. stock exchange.

Formerly known as Credijusto, Covalto was an early innovator in building the technology infrastructure in Mexico to leverage digital tax, e-invoice and other financial data to underwrite and service SMEs at scale. Covalto provides a one-stop solution for SMEs by bringing together a multi-product credit offering, banking services and a full suite of business analytics tools.

Covalto is run by its founders and Co-Chief Executive Officers Allan Apoj and David Poritz. Since inception, the company has received backing from a world-class group of institutional investors including QED Investors, Kaszek, Goldman Sachs, Point72 Ventures, Ignia, Credit Suisse and Victory Park Capital.

"We are grateful to be supported by LIV Capital and are confident they will become important value-added partners for Covalto,"said David Poritz.

"The convergence of financial services and technology is driving disruption in the Mexican market, and Covalto is at the forefront of this trend,"said Alex Rossi, Chairman & CEO of LIVB."We are partnering with an exceptional management team which has built a leading digital banking and financial services platform in Mexico, addressing the significant SME credit opportunity in the region."