Chilean FinTech Colektia has secured $4.2m in a Series A investment round on the back of a record year for Latin American FinTech companies.
Angel Ventures led the raise. Mountain Nazca, Kayyak Ventures, Fen Ventures and Devlabs also supported the round.
Founded in 2018 by brothers Gabriel and Oswaldo Monroy, Colektia’s new cash injection comes after months of serious growth and with Google selecting it for its Google for Startups acceleration program.
“We are facing a very important milestone for us, because this validates the need for change in the collection industry, pointing towards a model where technology plays a primary role,” said Gabriel Monroy, CEO of Colektia.
“Hand in hand with artificial intelligence we have managed to increase our clients’ debt recovery by up to 80%.”
Colektia had previously raised $1m in pre-seed and a seed round.
Colektia currently has clients in five Latin American countries and claims to have experienced a growth of close to 400% in its turnover during 2020.
“Colektia plays in a huge, genuinely global market that continues to be managed with outdated technologies,” said Camilo Kejner, managing partner of Angel Ventures.
“The company has proven AI and algorithms, standing out in benchmarks above traditional players and, above all, it has in Gabriel and Oswaldo, a great founding team. For Angel Ventures [is a proud] to be able to be Colektia’s partners and to accompany its development in the coming years.”
The round comes as the FinTech industry in Latin America has experienced another record year, having raised a total of over $2.88bn in 2020, according to FinTech Global’s research.
That is up from the $350.4m raised by FinTechs in the region in 2016.
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