Chilean startup Xepelin, which has created a financial services platform for SMEs in Latin America, has secured $30 million in equity and $200 million in credit facilities.
LatAm venture fund Kaszek Ventures led the equity portion of the financing, which also included participation from partners of DST Global and a slew of other firms and founders/angel investors. LatAm- and U.S.-based asset managers and hedge funds — including Chilean pension funds — provided the credit facilities. In total over its lifetime, Xepelin has raised over $36 million in equity and $250 million in asset-backed facilities.
Also participating in the round were Picus Capital; Kayak Ventures; Cathay Innovation; MSA Capital; Amarena; FJ Labs; Gilgamesh and Kavak founder and CEO Carlos Garcia; Jackie Reses, executive chairman of Square Financial Services; Justo founder and CEO Ricardo Weder; Tiger Global Management Partner John Curtius; GGV’s Hans Tung; and Gerry Giacoman, founder and CEO of Clara, among others.
“We want all SMEs in LatAm to have access to financial services and capital in a fair and efficient way,” the pair said.
Xepelin is built on a SaaS model designed to give SMEs a way to organize their financial information in real time. Embedded in its software is a way for companies to apply for short-term working capital loans “with just three clicks, and receive the capital in a matter of hours,” the company claimed.
It has developed an AI-driven underwriting engine, which the execs said gives it the ability to make real-time loan approval decisions.
“Any company in LatAm can onboard in just a few minutes and immediately access a free software that helps them organize their information in real time, including cash flow, revenue, sales, tax, bureau info — sort of a free CFO SaaS,” de Camino said. “The circle is virtuous: SMEs use Xepelin to improve their financial habits, obtain more efficient financing, pay their obligations, and collaborate effectively with clients and suppliers, generating relevant impacts in their industries.”
The fintech currently has over 4,000 clients in Chile and Mexico, which currently has a growth rate “four times faster” than when Xepelin started in Chile. Over the past 22 months, it has loaned more than $400 million to SMBs in the two countries. It currently has a portfolio of active loans for $120 million and an asset-backed facility for more than $250 million.
Overall, the company has been seeing a growth rate of 30% per month, the founders said. It has 110 employees, up from 20 a year ago.
Xepelin has more than 60 partnerships (a number that it said is growing each week) with midmarket corporate companies, allowing for their suppliers to onboard to its platform for free and gain access to accounts payable, revenue-based financing. The company also sells its portfolio of non-recourse loans to financial partners, which it says mitigates credit risk exposure and enhances its platform and data play.
“When we talk about creating the largest digital bank for SMEs in LatAm, we are not saying that our goal is to create a bank; perhaps we will never ask for the license to have one, and to be honest, everything we do, we do it differently from the banks, something like a non-bank, a concept used today to exemplify focus,” the founders said.
Both de Camino and Kreis said they share a passion for making financial services more accessible to SMEs all across Latin America and have backgrounds rooted deep in different areas of finance.
“Our goal is to scale a platform that can solve the true pains of all SMEs in LatAm, all in one place that also connects them with their entire ecosystem, and above all, democratized in such a way that everyone can access it,” Kreis said, “regardless of whether you are a company that sells billions of dollars or just a thousand dollars, getting the same service and conditions.”
For now, the company is nearly exclusively focused on the B2B space, but in the future, it believes several of its services “will be very useful for all SMEs and companies in LatAm.”
“Xepelin has developed technology and data science engines to deliver financing to SMBs in Latin America in a seamless way,” Nicolas Szekasy, co-founder and managing partner at Kaszek Ventures, said in a statement. “The team has deep experience in the sector and has proven a perfect fit of their user-friendly product with the needs of the market.”
Chile was home to another large funding earlier this week. NotCo, a food technology company making plant-based milk and meat replacements, closed on a $235 million Series D round that gives it a $1.5 billion valuation.
Usain Bolt Offers Sha’Carri Richardson Some Tough Advice Following Multiple Meet Losses
Jamaican sprinter Usain Bolt is offering some words of wisdom to rising track star Sha’Carri Richardson following the young athlete’s fall from grace.
During a recent interview with the New York Post, the eight-time Olympic gold medalist was asked about the 21-year-old whose stellar performance in the U.S. Olympic Track and Field Trials at the new Hayward Field in Eugene, Oregon, last June was quickly overshadowed by a series of incidents, including a failed drug test, which subsequently got her disqualified from the Tokyo games entirely.
Bolt told the media outlet that the best thing the Texas native can do now is stop talking and focus on what really matters. “I would tell Sha’Carri to train harder and to be focused and not say too much…,” he explained. A much speculated lack of media experience ultimately led to a dim in her once fiery fan support. Many have expressed belief that the young star’s trash talk proved damaging to her brand.
“If you talk that big talk you have to back it up,” Bolt continued. The Jamaican-born sprinting phenom added, “So just train hard and focus on that and try to come back, do it and then talk about it.”
On Aug. 21, Richardson finished in last place in the women’s 100 meters as Jamaica’s Elaine Thompson-Herah dominated the race. Shortly afterward, an online feud seemingly unraveled between Richardson and Team Jamaican.
Bolt told the outlet he and his fellow Jamaican athletes were not impressed by Richardson’s attitude, considering a rivalry between American and Jamaican sprinters that picked up some steam dating back to at least 2012.
“Jamaicans were vexed because she was talking a lot of s–t before the actual race, it is just one of those things,” he explained. “Jamaicans don’t like when people talk s–t about us because we are a very proud people. So if you talk about us we are gonna want you to back it up. It definitely gave those women the extra push [to win.]”
Richardson has had a few incidents with members of the Caribbean nation. She was offered an all-expenses-paid trip to Jamaica by a Jamaican hotel owner, following her loss to Jamaica’s Shelly-Ann Fraser-Pryce, who finished second in the Prefontaine race. Many people online found the gesture to be disingenuous.
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