Kapital, a Mexico City-based neobank serving small and medium-sized enterprises (SMEs), has achieved unicorn status after raising $100 million in a Series C funding round, doubling its valuation to $1.3 billion.
The funding round was co-led by Californian VC firm Tribe Capital and Pelion Ventures, and included support from Marbruck Ventures, True Arrow, and Y Combinator.
The company says it will use the financing to “accelerate the build-out” of its “unified, AI-powered financial ecosystem”.
Founded in 2020 by CEO Rene Saul, CFO Fernando Sandoval, and managing director Eder Echeverria, Kapital offers banking services for SMEs, including business checking accounts, loans, and wealth management tools. The company secured a banking licence in Mexico through the acquisition of Banco Autofin in 2023.
Kapital currently serves 300,000 customers across Mexico, Colombia, and the US, and maintains a $3 billion balance sheet.
The company previously raised $40 million in Series B equity financing and a $125 million debt facility in December 2023, preceded by a $23 million Series A round and $45 million debt facility in May 2023.
Kapital describes itself as Latin America’s first AI unicorn, joining other regional firms that have recently achieved unicorn status, including Mexico’s Plata, which reached a $1.5 billion valuation after landing $160 million in Series A funding this March.
Source: https://www.fintechfutures.com/
