FinTech news in Chile category

When we profiled Kredito last year, Sebastian Robles, co-founder and CEO, told journalist that business credit didn’t automatically come with an account, leaving business owners to use personal credit cards. The company launched to the public in 2021 and partners with financial institutions to help small businesses with their spend management, access digital unsecured loans, open a bank account and obtain a business credit card. Instead, Kredito takes on that risk by using a proprietary algorithm and alternative data to evaluate credit risk more inclusively than traditional banks, and in real time, Robles said. Robles intends to use the new capital to expand into new countries and consolidate its growth in Chile.

Rebill, an Argentina-based startup, raised $3.6 million to continue building automated payment collection and subscription management tools for Latin America. Rebill differs from legacy providers in that it is targeting medium to large companies, is cloud-based and sold on a subscription basis so customers just have to pay a license fee, Candia told journalist. The company automates the collection process and integrates payment gateways and invoicing tools so that customers don’t have to create their own. Candia estimates that Rebill’s process cuts down that implementation process from months to hours.

Co-founders Roberto Enrique Kafati Santos and Jose Maria Serrano started the company after a career at McKinsey leading digital payments for Kafati Santos and at delivery company JOKR for Serrano.

Opening a business bank account should be fairly easy, but after seeing firsthand just how hard it was, Salomon Zarruk and Sebastian Ortiz decided they didn’t want another Latin American business to run into the same kind of difficulty.

Mentum is out to change that in Latin America, and is working on customizable investment APIs and widgets so businesses in Latin America can build and offer fully digital investment products, like local mutual funds, ETFs and stocks, to their customers. All of them came to the U.S. from Latin America to study and work, and in the course of using some of the investment apps offered in the U.S., they struggled to find similar products in Latin America that provided a way to fully invest.

The company raised $230 million in an equity and debt Series A round last year, led by Kaszek, and since then expanded into Mexico, growing its client roster over five times to 15,000, growing Mexico revenue by 60 times and launching its new Xepelin Payments product 90 days ago that enables users to organize and automate payments to suppliers, with and without financing.

Transportation startup DeltaX is accelerating its plans to digitize the trucking industry in its native Bolivia and beyond thanks to a recent $1 million seed round. With participation from high-level roles in Latin America’s transportation sector, including two startup founders: Nowports CEO Alfonso de los Rios and Nuvocargo CEO Deepak Chhugani.

Founded in 2007 by Perez and Oscar Garcia Mendoza, who now serves as chairman of Novopayment’s board, NovoPayment had been bootstrapped since inception until it raised its Series A round earlier this year, the company announced today. Novopayment has been focused since its founding on building out a tech stack that ties all the critical processes together for financial institutions to build out their digital banking services.

The company decided to develop secured loans for products that enable borrowers to improve their income — like motorcycles, cars and trucks — and unlike their competitors providing used vehicles, Canals said Migrante offers new vehicles.

YC says 16% of the companies in its current list (44 out of 267) are based outside the U.S., compared to its first list, which included just seven non-U.S. companies.

The fund is supported by G Squared Management Co.; Scott Shleifer, co-founder and partner of Tiger Global Management; Sebastián Mejía, co-founder and president of Rappi; Fabián Gómez, co-founder and CEO of Frubana; Roger Laughlin, co-founder of Kavak; and founders of iFood and Mercê do Bairro.

The startup sells a salary-advance service to employers to offer their staff — charging companies a commission for the tech rather than levying a fee on users to withdraw a portion of their salary early (as some other salary startups do).