The round was led by existing investor Tribe Capital and co-led by Pelion Ventures, according to a statement on Tuesday, which was confirmed by Bloomberg News. Other participants include Y Combinator, Marbruck Ventures and True Arrow .
Based in Mexico City, Kapital was founded in 2020 by CEO Rene Saul and CFO Fernando Sandoval to provide banking services to small businesses that are typically underserved by large financial institutions in Latin America.
Kapital’s products include loans and credit cards, as well as payroll and benefits management services, which are actively developing.
“We are proud to join the elite group of unicorns emerging in Latin America,” Saul said in a statement. “Kapital is already profitable, and our growth continues to accelerate thanks to the unique combination of a banking license and proprietary software.”
The company now has 300,000 customers in the US, Mexico and Colombia, and a balance sheet of $3 billion.
This Series C funding round follows raising $165 million in debt and equity in 2023.
Source: Bloomberg