Fintech companies and other organizations have pushed the consumer payments needle in Latin America, especially during the global pandemic, encouraging consumers to feel more comfortable with digital payments.
in Chile Xepelin aims to do the same with business-to-business payments through a SaaS payment infrastructure that includes real-time financial information, embedded financial services, and data models to be a kind of company’s “digital CFO”.
Last year, the company raised $230 million in a Series A equity and debt round.led by Kashek, and has since expanded to Mexico, more than quintupling its customer list to 15,000, growing revenues in Mexico by 60 times, and launching 90 days ago its new Xepelin Payments product, which allows users to organize and automate payments to suppliers with and without funding.
Since its founding in 2019 by Nicholas de Camino and Sebastian Kreis, Xepelin has also grown to over 400 employees.
“It’s a huge market, but no one is really focused on pure business to business,” de Camino told TechCrunch. “Wealthy enterprises have access to bank funds, but about 95% of small and medium-sized businesses are left unattended. We believe there is $5 trillion of locked cash that needs to be unlocked and we have a forum to address this.”
The company is now doubling its presence in Chile and Mexico, and is eyeing new countries for expansion and will be hiring more staff and launching new products. Supporting all of this comes from a new $111 million Series B funding round – this time in full equity – led by Avenir and Kashek.
While this round is a double for Kazsec, Avenir is a new investor to join the cap table. Kreis told TechCrunch that Avenir, which has invested in new marketing avenues, was looking for “the next B2B payment platform to win in Latin America” and will help Xepelin take it to the next level.
The round also included PayPal Ventures, Wellington, DST Global, Battery Ventures, MSA Novo, Endeavor Catalyst, FJ Labs, Picus, Amarena, Gunderson, Carlos Garcia, Cathay-Seaya Latam and Gilgamesh.
“We can still grow a lot in Chile and Mexico, so this is more like when is the best time to go to other countries in Latin America,” added Kreis. “We also want to win Mexico.”
Credit: techcrunch.com /