Chilean FinTech that provides an online financial services platform for SMBs Xepelin raised $30m in equity and $200m in credit facilities led by Kaszek Ventures with participation from DST Global.
LatAm- and US-based asset managers and hedge funds — including Chilean pension funds — provided the credit facilities. A slew of other firms such as Picus Capital; Kayak Ventures; Cathay Innovation; MSA Capital; Amarena; FJ Labs; Gilgamesh Ventures and a number of angel investors which included Kavak founder and CEO Carlos Garcia; Jackie Reses, executive chairman of Square Financial Services; Justo founder and CEO Ricardo Weder; Tiger Global Management Partner John Curtius; GGV’s Hans Tung; and Gerry Giacoman, founder and CEO of Clara, among others, too participated.
The new capital will help it ensure that all small businesses in Latin America will have access to both financial services and financial capital. Xepelin is looking to expand beyond the B2B space to provide a broader range of services to small businesses and companies in the region.
Xepelin focuses on enabling small businesses to secure and organise their financial data in real-time, as well as apply for – and receive – short-term financing easily and quickly. The company says that SMEs can apply for working capital loans “with three clicks” and receive their funding “in a matter of hours.”
With a monthly growth rate of 30%, Xepelin said it has more than 4,000 clients in Mexico and Chile, and has loaned more than $400m to small businesses in those countries.
As Xepelin stated, its risk model evaluates an operation in seconds, which allows the company to finance any [SMB] on the same day. Its co-founder Sebastian Kreis said, “Our goal is to scale a platform that can solve the true pains of all SMEs in Latam, all in one place that also connects them with their entire ecosystem and above all, democratized in such a way that everyone can access it, regardless of whether you are a company that sells billions of dollars or just a thousand dollars, getting the same service and conditions.”
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