Following a $100 million extension of its Series B, Quito-based payments infrastructure fintech Kushki was valued at $1.5 billion, becoming the newest Latin American unicorn — and the first in Ecuador. With the participation of investors such as Kaszek, Clocktower Ventures, SoftBank Latin America Fund, and DILA Capital, among others, the startup‘s Series B now amounts to $186 million.
“Reaching this milestone in times of historical economic uncertainty speaks to the quality and resilience of our entire team and the enormous Latin American talent that exists in the region,” said Aron Schwarzkopf, CEO and co-founder of Kushki in a press release.
Founded in 2017 by Ecuadorian serial entrepreneurs Sebastián Castro and Aron Schwarzkopf, Kushki’s API enables LatAm businesses to accept payments globally and receive money in their local currency.
According to the company, the new resources will be used to further develop its payment infrastructure, which can play “a critical role in accelerating digital transformation and economic growth in the region, enabling businesses to grow faster through the internet to drive consumer adoption of digital payments.”
Since the pandemic’s start, Kushki has more than tripled its team, which today works 100% remotely from 14 different countries. And with the new funding, the 750-people staff is likely to grow. The startup is currently present in five countries: Ecuador, Mexico, Peru, Colombia, and Chile. Brazil and Central America are next in the startup‘s expansion roadmap.