Payment processing service PayPal took part in a $111m series B round for Xepelin, a Chile-based payment and financial services platform for small businesses, on Monday to boost its presence across Latin America.
Avenir Growth Capital and Kaszek co-led what Xepelin is describing as the largest series B round in Chilean startup history, while PayPal invested through its corporate venturing unit PayPal Ventures.
DST Global, Wellington, Battery Ventures, Endeavor Catalyst, MSA Novo, Picus Capital, FJ Labs, Gilgamesh Ventures, Seaya Cathay LatAm, Amarena and Gunderson filled out the participants alongside private investor Carlos Garcia Otatti and unnamed others.
Xepelin was founded in 2019 to provide small and medium-sized enterprises (SMEs) a software-as-a-service solution that consolidates their financial needs, from business-to-business payments, embedded real-time financial services functions and data modelling, amounting to what it calls a “digital CFO”.
The series B funding will be used to cement Xepelin’s footprint in Mexico – growing its team and its customer base – before expanding elsewhere in the region. It looks to serve a market that is hungry for fintech solutions and close the digitisation gap.
Kaszek previously co-led the $30m equity portion of a $230m debt and series A equity round alongside DST Global in July last year, with backing from Picus Capital, Cathay Innovation, Amarena, MSA Capital, FJ Labs, Gilgamesh Ventures and assorted angel investors.
Xepelin’s co-founder and co-chief executive, Sebastián Kreis, said: “We are moving fast. Our goal is to solve the main pains of SMEs in Latin America, all from one place, which, in turn, connects them with their entire ecosystem, democratising access in such a way that everyone can participate, regardless of whether they are a company that sells billions or just a thousand dollars. They all get the same service and the same conditions.”
Photo courtesy of Xepelin
