Business

Quito-based Kushki now valued at nearly $600 million after $86 million Series B

The proceeds will be directed to fuel an aggressive team expansion throughout Latin America, with over 200 job openings for software engineering roles

LABS

01.Jun.2021 19:40 BRT
UPDATED 19:42 BRT

SoftBank Latin America fund and an undisclosed global growth equity firm participated in the fundraising;
The investment will be directed to fuel an aggressive team expansion throughout Latam.

Ecuador’s fintech Kushki announced on Tuesday it has raised a $86 million Series B round, which valued the 4-year company nearly at $600 million. The round included the participation of SoftBank Latin America Fund and an undisclosed global growth equity firm, as well as previous investors such DILA Capital, KASZEK, Clocktower Ventures, and Magma Partners.

Founded in 2017 by Ecuadorian serial entrepreneurs Sebastián Castro and Aron Schwarzkopf, Kushki’s platform enables local and cross-border payment players in credit and debit cards in Latin America, bank transfers, digital cash, mobile wallets and other alternative payment methods. The company said it has experienced exponential growth, tripling the size of its team in 2021.

The proceeds will be directed to fuel an aggressive team expansion throughout Latin America, with over 200 job openings for software engineering roles. SoftBank-backed Kushki will also expand to Brazil and Central America.

According to CEO Aron Schwarzkopf, the fintech‘s vision is to provide cutting edge, standardized, and regionalized infrastructure so that Latin America‘s digital economy can be installed on top of it for decades to come.

“Utilizing payments throughout the region has typically been a fragmented and primitive process because of the lack of investment in banking infrastructure. With this new funding, we’ll be able to accelerate the power of the Kushki infrastructure throughout Latam, democratizing the movement of money for both businesses and consumers,” he said in a press statement.