Chile-based Xepelin raised a $111 million Series B round of funding — all equity — led by Avenir and Kaszek. Also participating in the round were PayPal Ventures, Wellington, DST Global Partners, Battery Ventures, MSA Novo, Endeavor Catalyst, FJ Labs, Picus, Amarena, Gunderson, Carlos Garcia, Cathay-Seaya Latam and Gilgamesh.
Last year the fintech secured $230 million in an equity and debt Series A led by Kaszek, which allowed them to expand to Mexico, growing its client base over five times to 15,000, and growing Mexico revenue by 60 times. Now the company is doubling down in both Chile and Mexico, while also eyeing new countries for expansion, hiring additional employees and launching new products.
Since being co-founded in 2019 by Sebastián Kreis and Nicolás de Camino, Xepelin has been offering a SaaS platform for small and medium-sized businesses in Latin America where they can check their financial information in real time, and embed financial services and data models. According to Xepelin, this reduces the time SMBs normally take for the usual financial processes from weeks to hours, and the decision-makers have the necessary information to set the business’ next steps more accurately.
While this round is a doubling down for Kazsek, Avenir is a new investor joining the cap table.
To date, Xepelin has operations in Mexico and Chile, has grown its employee headcount to over 400 throughout Latin America, and serves more than 4,000 customers, while its platform is used by more than 15,000 users.