- Headquartered in Mexico and Chile, Fintual has more than 60,000 clients;
- With this acquisition, Fintual now has nearly $650 million in assets under management.
Fintual Inc, the Chilean answer to Brazil’s XP Investimentos, announced the acquisition of the Mexican fund distributor Invermerica for an undisclosed amount.
Fintual is a digital investment solution present in Chile and Mexico. In Mexico, it is one of the few companies of its kind authorized by the National Banking and Securities Commission (CNBV) to carry out non-face-to-face onboarding or digital registration of its clients.
The fintech began operations earlier this year and recently launched two of its own medium and long-term investment funds: Moderate Portman and Risky Hayek.
Invermerica is focused on the high net worth investor market in Mexico‘s northwest. Fintual acquired nearly $100 million AUM (Assets Under Management) for its subsidiary in Mexico through this acquisition.
“Our arrival in Mexico was possible thanks to our partnership with Invermerica. After a great trajectory, we managed to position ourselves in the industry as a fund distributor, which will allow us not only to have a much closer relationship with our clients but will also open doors for the creation of new products such as a Personal Retirement Plan, for example,” says Pedro Pineda, CEO of Fintual, in a press statement.
In its early days, Fintual was backed by Silicon Valley’s accelerator Y Combinator – known worldwide for incubating companies such as Airbnb, Stripe, and Dropbox – as well as Mexican venture capital fund ALLVP and Oskar Hjertonsson of Cornershop by Uber, who were seed investors.
Fintual currently has an AUM of over $650 million from more than 60,000 customers and is growing by leaps and bounds in both countries. In May 2020, the company’s AUM was at $87 million in Chile, while in Mexico, the value of its assets has grown by 60% in recent months.