LatAm SME financial services platform Xepelin raises $111m Series B

LatAm SME financial services platform Xepelin has raised $111 million in a Series B financing round, the largest such round in the history of Chile, Xepelin says.

Chilean fintech Xepelin raises $111m in Series B

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 a “digital CFO”, 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 day-to-day financial tasks, including getting paid.

The company currently operates in Mexico and Chile and has more than 450 employees spread throughout Latin America.

The Series B funding will go towards consolidating the company’s position in Mexico, hiring new employees in the country and expanding into new markets in the region.

Xepelin co-founder and co-CEO Sebastián Kreis says: “Mexico’s strength is in its SMEs. They are not only the most important economic sector in the country, but they also represent the largest percentage of the labour force.

“We understand that the economic growth of the region is directly related to the economic strength of its smaller companies.”

Xepelin was founded in 2019. It raised $30 million in a Series A round in July last year, and since then has seen its client base grow 5x and its Mexican revenues grow 60x. It also launched a new B2B payments product that organises and automates payments.

“Our goal is to solve the main pain points of SMEs in Latin America,” Kreis adds.