Xepelin, the B2B payments and financial services platform working in Latin America, has raised $111 million in a Series B round including some from PayPal Ventures, a press release from PayPal says.
The new funding will be used to add more growth, scaling B2B payments and adding more talent, along with expanding to new countries in Latin America.
Xepelin has been working on B2B digitization by scaling payment infrastructure and a regional platform for smaller businesses.
The company’s mission is to be the “Digital CFO” for B2B. To that end, it has begun trying to solve B2B payments and working capital needs for SMBs with its platform.
It’s been reducing processes from “weeks to hours” using digital approaches and real-time financial information.
The release notes how consumer payments in Latin America have been shifting online, as much of the world did during COVID. Many individuals have begun purchasing things on the internet more frequently to cut down on in-person transactions, which the pandemic accelerated by years.
“Our vision is to be the leading B2B FinTech in LatAm,” said Nicolas de Camino, Xepelin’s co-founder and co-CEO. “From the beginning we put SMBs at the center of everything, treating them as real partners, something that sounds almost obvious, but which in practice has been by far the most neglected and forgotten segment by financial services.”
PYMNTS wrote that Xepelin last year had raised $30 million in equity along with $200 million credit facilities, saying the goal was “a market where there are no entry barriers for financing [SMBs] in Latin America.”
Read more: LatAm’s Xepelin Debuts SMB Lending, Revenue Service
“We leverage our technology to offer the best possible conditions and user experience,” the company said. “Our risk model evaluates an operation in seconds, which allows us to finance any [SMB] on the same day.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More