Latin American SME financial services platform Xepelin raises $111M Series B
Xepelin, the financial services platform for Latin American SMEs, raised $111 million in a Series B funding round, the largest of its kind in Chile’s history, Xepelin said.
The round, led by Avenir and Kaszek, saw participation from 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.
The Chilean fintech acts as a “digital financial director”, providing small and medium-sized enterprises (SMEs) with real-time financial information, integrating financial services with data models to reduce the time companies spend on daily financial tasks, including getting paid.
The company currently operates in Mexico and Chile and has over 450 employees located throughout Latin America.
The Series B financing will be used to consolidate the company’s position in Mexico, hire new employees in the country and expand into new markets in the region.
Xepelin co-founder and co-CEO Sebastián Kreis says: “Mexico’s strength lies in its SMEs. Not only are they the most important economic sector in the country, but they also make up the highest percentage of the working population.
“We understand that the region’s economic growth is directly linked to the economic strength of its small businesses.”
Xepelin was founded in 2019. It raised $30 million in a Series A round in July last year, and since then its customer base has grown 5x and its Mexican revenue has grown 60x. It has also launched a new B2B payment product that organizes and automates payments.
“Our goal is to solve the main problems of SMEs in Latin America,” adds Kreis.