The Chilean fintech ecosystem has skilled notable progress over the previous years, reaching 348 lively firms in 2024.
In response to the 2024 Fintech Radar Chile report, produced by Finnovista in partnership with Mastercard and Galileo Monetary Applied sciences, the determine represents a 16% year-over-year (YoY) improve, carrying on an annual improve that’s been happening since at the very least 2022.
As we speak, this ecosystem is massive and numerous, with sturdy illustration in segments together with enterprise monetary administration, with a 17.8% share, and funds and remittances, at 15.8%. Different notable segments embrace lending and technological infrastructure for banks and fintechs, each at 12.6%. In response to the report, this diversification highlights the rising demand for superior monetary options for companies, in addition to Chile’s sturdy company and entrepreneurial panorama.
Inside this thriving ecosystem, a number of firms are standing out. These ventures have attracted important backing from outstanding buyers, witnessed sturdy traction and expanded into turning into main regional fintech gamers.
As we speak, we have a look at a few of the largest and most influential fintech startups and scaleups from Chile. For this record, we concentrate on impartial, fintech startups headquartered within the nation, excluding firms which have been acquired or which have gone public. We discover their worth propositions, progress methods and up to date strides, emphasizing their success and scale.
Xepelin
Based in Chile in 2019, Xepelin is a fintech firm providing monetary companies tailor-made for small and medium-sized enterprises (SMEs) in LatAm. The corporate’s answer goals to operate as a “digital CFO”, offering real-time monetary data and automating processes comparable to funds to suppliers and advances from clients.
Xepelin’s software-as-a-service (SaaS) platform permits companies to arrange their monetary data in real-time. Throughout the platform, customers may also apply for short-term working capital loans with simply three clicks, and obtain the capital in a matter of hours.
Xepelin serves greater than 50,000 firms. In 2024, the corporate grew considerably, including greater than 6,000 new shoppers to its portfolio, financing practically US$600 million, and managing 112,000 invoices in Chile and Mexico.
Throughout 2024, Xepelin additionally launched options targeted on the safety of its monetary ecosystem, together with a characteristic which detects suspicious conduct in minutes and prevents fraud, in addition to monetary analytics to detect patterns and assist strategic decision-making.
Waiting for 2025, the corporate plans to consolidate its new merchandise and proceed strengthening its digital ecosystem for B2B firms in Latin America.
Xepelin has raised over US$145 million in fairness and US$300 million in asset-backed services. The corporate’s newest spherical was a US$111 million funding closed in Might 2022, a report in Chile and one of many largest rounds for a fintech startup in LatAm.
Global66
Based in 2018 in Chile, Global66 makes a speciality of digital remittances and cross-border transactions. The corporate gives a world account that enables people and companies in LatAm to entry companies comparable to forex alternate, peer-to-peer (P2P) transfers, fee hyperlinks, worldwide cash transfers, in addition to fee playing cards.
These companies are designed to facilitate cross-border transactions for people and companies, providing aggressive alternate charges and low charges. For instance, customers can convert funds into a number of currencies, ship cash internationally, and use the pay as you go Mastercard for purchases. The platform additionally gives immediate transfers between Global66 customers and the flexibility to obtain funds in several currencies, together with the US {dollars}, euros, and kilos from banks within the US and Europe.
Global66 operates in a number of nations, together with Chile, Colombia, Peru, Mexico, Argentina, Ecuador, and the US, supporting transactions to over 80 nations.
Most lately, the corporate launched IBAN and routing quantity particulars for USD and EUR accounts, permitting LatAm freelancers, expatriates, college students, buyers, and companies to handle worldwide transactions extra effectively. It additionally upgraded its providing with the Global66 Sensible Card, enabling customers to conduct transactions in as much as eight totally different currencies instantly from the corresponding forex account, eliminating alternate charges and enhancing international buying experiences.
Global66 has raised about US$16.3 million in funding so far, in response to Dealroom. The corporate secured its final spherical in July 2021, elevating US$12 million in a Collection A. On the time, it claimed greater than 290,000 clients.
Fintual
Based in 2016 in Santiago, Fintual is an funding startup providing seamless entry to diversified, low-cost funding portfolios by means of an intuitive digital platform. This platform permits people and companies develop their wealth by means of passive funding methods, primarily by investing in international exchange-traded funds (ETFs).
Fintual makes use of superior expertise to supply an intuitive, seamless consumer expertise totally on-line. This contains automated portfolio administration, danger changes, and progress monitoring towards monetary objectives. The platform presents a number of proprietary mutual funds, tailor-made to totally different danger profiles. Customers may also put money into US shares.
Fintual is Y Combinator-backed and mentioned it was the primary startup from Chile to be accepted into this system in 2018. Since then, it has efficiently expanded to Mexico, and by mid-2024, it was managing over US$1.2 billion in property for greater than 150,000 customers in Chile and Mexico.
Fintual has raised about US$54 million in funding, in response to Dealroom and information reviews. The startup’s final spherical was a US$39 million Collection B secured in November 2021. The spherical was led by Sequoia Capital, one of the influential VC corporations globally.
Colektia
Based in 2018, Colektia is a man-made intelligence (AI)-powered debt assortment startup. The corporate helps monetary establishments create new digital assortment fashions based mostly on AI, leveraging expertise to maximise effectivity in administration sources whereas minimizing human intervention.
On the core of Colektia’s platform is a sophisticated AI infrastructure that permits clever segmentation of debt portfolios. The system determines the optimum time, frequency, and communication channel to contact every debtor, growing restoration charges and bettering the shopper expertise. This strategy transforms collections right into a extra strategic and data-driven course of, bettering effectivity.
Working in Chile, Mexico, Peru, and Colombia, Colektia claims it manages over 15 million people and US$1.6 billion in debt throughout these 4 nations. Between 2018 and 2023, the corporate achieved a compounded annual progress charge (CAGR) of greater than 170%. Final 12 months, it achieved constructive web profitability.
Colektia has raised US$15.6 million in funding so far, securing its final spherical in December 2024. The spherical, amounting to US$9 million, will likely be used to gas AI growth, assist mergers and acquisitions (M&A), and assist purchase new credit score portfolios, it says.
Earlier than this spherical, Colektia had raised US$6.3 million from buyers comparable to Fen Ventures, Angel Ventures, Nazca, Kayyak Ventures, Devlabs, and Wayra Chile.
Toku
Based in 2020, Toku presents a expertise platform for fee assortment and reimbursement. The platform combines software program with personalised consulting to extend and automate collections at a decrease value and extra effectively.
From preliminary buyer contact and versatile fee options to early detection of delinquency and restoration, Toku manages your entire assortment cycle, from buyer contact and fee options to detecting delinquency and recovering funds, whereas offering a greater fee expertise for end-users. The corporate presents personalized fee options for industries with recurring funds, enabling firms to extend income whereas minimizing prices by means of environment friendly fee processing and enhanced buyer experiences.
Serving insurance coverage firms, credit score suppliers, telecommunications firms, utilities firms, schooling firms and subscription firms, amongst others, Toku claims it permits its clients to extend their income by greater than 5%, and minimize prices by 30%.
Toku at present operates in Chile, Mexico, and Brazil. The corporate expects to succeed in over 600 company shoppers throughout 2024, with income rising at a median charge of 70% per quarter.
In April 2024, Toku raised a US$9.3 million Collection A spherical led by Gradient Ventures, Google’s funding fund. The corporate mentioned it might use the proceeds to strengthen its management place in Chile, speed up its progress in Mexico, and broaden its operations in Brazil.
Galgo
Based in Chile in 2018, Galgo is an modern on-line platform providing accessible motorbike financing. The platform is designed to simplify the shopping for course of and supply a seamless expertise.
Galgo permits customers to buy a brand new motorbike simply and pay for it in installments. Customers can entry the platform by way of any machine and discover a variety of bike fashions. As soon as a motorbike is chosen, customers can simply apply for financing with only a few clicks, with a credit score analysis response that takes ust a couple of minutes.
Thus far, Galgo has offered over 30,000 credit in Chile, Peru, and Mexico. The startup has raised US$74.7 million so far, in response to Dealroom.
Featured picture credit score: edited from freepik
