LatAm’s Xepelin Debuts SMB Lending, Revenue Service

Xepelin, a Chilean FinTech that provides an online financial services platform for small- to medium-sized businesses (SMBs), has raised $30 million in equity and another $200 million in credit facilities, TechCrunch reported. The platform is geared toward companies in Latin America.

On its website, Xepelin stated, as translated by Google: “We dream of a market where there are no entry barriers for financing [SMBs] in Latin America. We leverage our technology to offer the best possible conditions and user experience. Our risk model evaluates an operation in seconds, which allows us to finance any [SMB] on the same day.”

The company has provided more than $250 million in financing to 3,200 clients since it was founded in mid-2019, according to the Xepelin website.

Xepelin Co-Founder Nicolas de Camino said speed and ease-of-use are among the selling points for customers, TechCrunch reported.

“Any company in LatAm can onboard in just a few minutes and immediately access a free software that helps them organize their information in real time, including cash flow, revenue, sales, tax, bureau info — sort of a free CFO SaaS,” he told TechCrunch. “The circle is virtuous: [SMBs] use Xepelin to improve their financial habits, obtain more efficient financing, pay their obligations, and collaborate effectively with clients and suppliers, generating relevant impacts in their industries.”

According to TechCrunch, the equity funding was led by Kaszek Ventures and included DST Global and other venture capital firms and angel investors. The credit facilities were backed by entities including U.S. and Chilean pension funds. Among the investors were: Picus Capital; Kayak Ventures; Cathay Innovation; MSA Capital; Amarena; FJ Labs; and Gilgamesh Ventures. A group of angels also participated in the financing, including 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.

In another business play aimed at capitalizing on the need in Central and South America for increased financial options, especially for SMBs, U.S. FinTech Tribal Credit stated in April that it raised $34.3 million in venture funding to expand in Mexico, PYMNTS reported.

“This round allows us to accelerate our growth in Mexico and help the new generation of [SMBs] fueling the Mexican economy break free from local financial barriers,” said Tribal Credit CEO Amr Shady at the time.