Covalto to go public via a SPAC merger with LIV Capital Acquisition II in a $547m.

Covalto, a digital banking and services platform for SMEs in Mexico, agreed to go public via a SPAC merger with LIV Capital Acquisition II, a company backed by LIV Capital, in a $547m. “SMEs are the backbone of the Mexican and Latin American economies, yet their banking and financing needs are not being properly met. Due to limited innovation and the outdated technology of incumbent banks, SMEs in Mexico are insufficiently integrated into the modern banking system and are not able to fully access the world’s growing digital economy. We built Covalto to address this challenge and unlock the potential of Latin American SMEs via digital banking and credit solutions," David Poritz, Covalto Co-Founder and Co-CEO.