Chilean fintech Xepelin snags $111 million Series B to help Mexican SMBs manage finances

The new funding round was led by Avenir and Kaszek; Xepelin says it aims to be a kind of "digital CFO" for Mexican SMBs

Sebástian Kreis, co-founder and co-CEO of Xepelin. Photo: Xepelin/Courtesy

02.May.2022 15:44 BRT
UPDATED 18:31 BRT

Nine months after announcing its Series A round, Xepelin, a Chilean fintech company focused on financial services for small and medium-sized businesses in Latin America, secured a $111 million Series B financing round, led by Avenir and Kaszek, and followed by 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.

In January this year, Xepelin announced that it has raised $80 million in debt from Community Investment Management (CIM), a management company that invests in solutions for underserved communities.

The newly raised capital will drive Xepelin’s growth in Mexico, fintech‘s main target market in Latin America – data from the Mexican Ministry of Economy shows that there are about 4 million SMBs in the country. According to the company, Xepelin aims to be a kind of “digital CFO” for Mexican SMBs.

Founded in 2019 by Sebastián Kreis and Nicolás de Camino, Xepelin offers a SaaS platform for small and medium-sized businesses in Latin America where they can organize their financial information in real-time. The platform organizes data on receivables, invoices, and bills, and, through an algorithm, shows the financial status of each customer and/or supplier. With this, says the fintech, the SMBs can reduce, from weeks to hours, the time they normally take for the usual financial processes, and the decision-makers have the necessary information to set the business’ next steps more securely.

“Mexico‘s strength is in its SMBs. Not only do they represent the most important economic sector in the country, but they also represent the largest percentage of the workforce. At Xepelin we exist to solve the problems of emerging markets; we understand that Latin America‘s economic growth is directly related to its SMBs’ growth. We work daily to help them cope with day-to-day financial tasks,” said Kreis, co-founder and co-CEO at Xepelin.

“Our goal is to be the leading B2B fintech in Latam,” added Camino, co-founder and co-CEO of Xepelin. “From the beginning we put SMBs at the center of everything, treating them as true partners. Something that seems almost obvious, but in practice, it has been the most neglected and forgotten segment by traditional financial services,” he said.

Xepelin currently has operations in Mexico and Chile, has more than 450 employees throughout Latin America, and serves more than 4,000 customers – its platform is used by more than 15,000 users.