Kiara Capital, a Miami-based venture capital firm founded in 2023, has announced the first close of its debut fund, aiming to raise up to $40m.
The fund is focused on early-stage B2B FinTech startups in Latin America and markets with cross-border ties to the United States.
The firm is led by co-founders Michael Esrubilsky and Daniel Arippol, both seasoned figures in the FinTech and investment landscape.
Esrubilsky, who has more than 25 years of experience in FinTech, previously achieved four major exits in Brazil valued at nearly $1bn. His personal investment record spans 14 deals with a 9.8x multiple on invested capital and a 45%+ internal rate of return in dollar terms.
Arippol brings a further 15 years of expertise in private equity and venture capital, with a strong background in advising fast-growing tech and financial services firms in both Latin America and the US.
Since its founding, Kiara Capital has reviewed over 160 opportunities and made five early investments. These include Astride, a US-based FinTech that provides accounting tools for foreign investors, and Payana, which leverages AI to streamline financial operations for SMEs in Mexico and Colombia. To date, the firm has invested approximately $2m across startups in Brazil, Mexico, Colombia, and the US.
Having validated its investment strategy using its own capital, Kiara Capital has now welcomed external backers.
The fund’s initial target is $30m, with the flexibility to extend to $40m. Investors in the round include FinTech founders, banking executives, venture capital partners, and family offices.
Esrubilsky said, “Opening the fund to outside investors is a natural next step — one that expands our investment capacity while maintaining full alignment. We’re bringing in knowledgeable, experienced partners to co-invest with us in the opportunities we’re already pursuing.”
The fund plans to build a concentrated portfolio of 15 to 20 startups, with initial investments starting at $500,000 and reserves earmarked for follow-on funding. Structured under US law, the fund is designed to allow global flexibility while maintaining its core focus on Latin American and US cross-border FinTech opportunities.
Arippol explained, “We prioritize founders who have deep expertise in the industries they’re building in, excel in execution, and often come through trusted referrals in the ecosystem. We look for companies that combine strong product-market fit with the potential for outsized impact in the financial sector.”
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