Equifax agrees $750mn deal for Mexican credit bureau Círculo

Equifax has agreed to acquire Mexican credit bureau Círculo de Crédito in a transaction carrying a $750mn enterprise value, giving the US credit data group a larger position in one of Latin America’s expanding credit markets. The company said it would pay $825mn for the business, with the enterprise value reflecting an estimated $75mn of cash at closing and no debt.

Under the definitive agreement, Equifax will acquire 100% of Círculo de Crédito’s equity from its current shareholders. Those sellers include several local banks, according to the announcement.

The distinction between purchase price and enterprise value reflects the way buyers assess the operating value of a business. The headline cash payment includes cash expected to remain on the target’s balance sheet, while enterprise value adjusts for cash and debt to show the implied value of the company’s operations.

Círculo de Crédito operates in both consumer and commercial credit services, which Equifax said makes it the only Mexican credit bureau currently active across both categories. Its customer base spans more than 1,700 organisations, including banks, retailers, fintech companies, small-business lenders, microfinance providers and telecommunications groups.

The acquisition would extend Equifax’s presence in a market where formal financial access remains limited for a large share of households and workers. Mexico has more than 33mn people in informal employment, according to figures cited by the company. In such markets, conventional credit files can be thin or absent, making lenders more reliant on other data to assess repayment capacity and identity risk.

Círculo de Crédito says it uses alternative information, including gig-economy transactions, utility payments and telecommunications payment histories, to build a broader profile of consumers’ financial activity. Such datasets can help lenders evaluate applicants who may not have extensive bank or loan records, although their use also places emphasis on data governance, consent and fraud controls.

Equifax said Círculo de Crédito’s revenue for the 12 months ended June 30, 2026, is estimated at $134mn, a 31% increase. Adjusted earnings before interest, tax, depreciation and amortisation for the same period are estimated at $62mn.

The company said the deal would give Círculo de Crédito customers access to Equifax technology, including cloud-native systems, its EFX.AI tools, and identity and fraud prevention products. Credit bureaus collect and organise payment and borrowing information, then provide analytics and reports that lenders, retailers and service providers use in credit underwriting and risk management.

Mark W Begor, chief executive of Equifax, said Mexico was “one of the fastest-growing credit markets globally”. He added that more than 25% of the Mexican population lacks access to formal financial products and nearly 44% does not have a bank account.

Begor said Equifax and Círculo de Crédito share a commitment to broadening financial participation, adding that the combined business would continue to offer alternative data and insights designed to help customers expand consumer credit products.

This story draws on original reporting from Finextra Research.