Xepelin, a payment platform and business financial services for small to medium sized enterprises (SMEs) in Latin America, has raised $111m in Series B funding.
The round was led by Avenir and Kaszek, with the participation of PayPal Ventures, Wellington, DST Global, Battery Ventures , MSA Novo, Endeavor Catalyst, FJ Labs, Picus, Amarena, Gunderson, Carlos García Otatti, Cathay-Seaya Latam and Gilgamesh, among others.
This round of financing comes less than a year after the company’s Series A and, according to Xepelin, it is the largest in the history of a Chilean startup.
Xepelin said it is leading the business digital transformation by scaling the existing payment infrastructure and creating a platform for SMEs at a regional level.
The company provides small and medium-sized companies with real time financial information and integrates financial services with different data models that reduce the time normally taken by the “complicated financial processes”, which Xepelin said allows SME teams and owners to focus on running their business, rather than trying to figure out finances.
Since its inception, Xepelin has had significant traction in Latin America. The company currently maintains operations in Mexico and Chile and has more than 450 employees spread throughout Latin America, who boost the company’s impact with their talent.
Sebastián Kreis, co-founder and co-CEO of Xepelin, said, “Mexico’s strength is in its SMEs. These not only represent the most important economic sector in the country, they also concentrate the largest percentage of the labour force.
“At Xepelin we exist to solve the problems of emerging markets. We were born because we understand that the economic growth of the region is directly related to the economic strength of its smaller companies. We work daily to help them cope with day-to-day financial tasks.”
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