LatamList – Fintual, a Chilean fintech, raised a $15M funding round led by Kaszek Ventures.
Fintual is a digital investment platform that makes investing in mutual funds more accessible through lower fees and simpler processes. In a space largely dominated by traditional banks and complex processes, Fintual is opening up the investment space for the average person in Chile and Mexico.
The company was the first Chilean startup to get into Y Combinator. Listen to the full story with co-founder and CMO Agustin Feuerhake on this podcast.
Fintualâs three founders have strong startup backgrounds, founding two successful startups between them. As a portfolio manager at Banco ItaĂș, co-founder Omar LarrĂ© saw how investing was not set up for the average person and set about finding a way to disrupt the market.
âI liked the idea of challenging the financial banks, and you canât do that without technology. We have this super tool that my parents didnât have, and you can disrupt an entire industry,â said Pedro Pineda, co-founder and CEO.
Fintual charges only 1% annually of assets managed, compared to 6.45% and 5% of traditional mutual funding in Chile and Mexico respectively. The company now serves 57,000 clients across the two countries.
Fintual will use the new funding to expand operations in Mexico and also to launch into new countries like Colombia and Peru. The fintech is also looking to make new hires and grow the team.
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