Fintech companies and other entities have moved the consumer payments needle in Latin America, particularly during the global pandemic, making consumers more comfortable with digital payments.
Chile-based Xepelin aims to do the same with business-to-business payments through a SaaS payment infrastructure that includes real-time financial information, integrated financial services and data models, all to be the sort of “digital CFO” of a company.
The company raised $230 million in an equity and debt series A round led by Kaszek last year, and has since expanded into Mexico, growing its customer base more than five-fold to 15,000, growing sales in Mexico 60-fold and launched its new Xepelin Payments product 90 days ago that allows users to organize and automate payments to suppliers, with and without financing.
Since Xepelin was co-founded by Nicolás de Camino and Sebastian Kreis in 2019, the number of employees has also grown to more than 400.
“This is a huge market, but no one is really focused on pure business-to-business,” de Camino told MovieUpdates. “Mid-sized companies have access to banking funds, but about 95% of small and medium-sized businesses are unmanaged. We believe there is $5 trillion in locked-up cash that needs to be unlocked, and we have a forum to address that.”
Now the company is doubling in size in both Chile and Mexico, while also keeping an eye on new countries for expansion and hiring additional employees and launching new products. Support for all of this comes from a new $111 million Series B funding round – this time all equity – led by Avenir and Kaszek.
While this round is a doubling for Kazsek, Avenir is a new investor coming to the cap table. Kreis told MovieUpdates that, with other emerging marketing investments, Avenir was looking for “the next B2B payment platform to win in LatAm” and will help Xepelin move to the next level.
Also competing in the round were 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 it’s more like when is the best time to go to other Latin American countries,” Kreis added. “We also want to win Mexico.”