Santiago-based fintech Racional raised a $2 million round led by Genesis Ventures and Amarena.
Racional is an application software that offers investment advice, accounting, ETFs, stock exchange, fund manager and funding services. Founded by Boris Garafulic Domínguez in early 2020, the company started with customized ETFs, and by November of that year they already had five thousand users. At the end of 2021, they launched the product that has made it grow, Racional stocks, which allows the fintech to buy shares in the US stock market.
Despite market conditions, Racional has been growing throughout 2022. The fintech just reached 45 thousand users, and have grown by 60% in assets invested by the platform.
“One of the cores for the future is to connect users and for the different communities to learn from each other. That is why we have been adding elements of social investing”.
Boris Garafulic, CEO of Racional in interview with Diario Financiero.
This funding round will be used to double down their team in the short term, and to expand to other Latin American countries. Racional expects to reach 100 thousand users not only in Chile, but also in Brazil and Colombia between the next 12 to 18 months.
Racional has been adding elements of social investing, connecting users with different communities. The fintech wants to create something that mixes community with investments. For example, where a user can copy the portfolio of a financial influencer if he or she has it public, and see what stocks his or her acquaintances are buying. The idea is to generate debate and communication among investors.
To-date, about 20% of Racional is owned by Chilean insurtech unicorn Betterfly.
