Ep. 49: Kapital is on Clara’s tail
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
VC's love for Corporate Spend Management startups seems to know no bounds. Following Clara’s US$60 million round in equity funding at the beginning of the month, Kapital announced its own massive US$20 million in a Series A round, plus a US$45 million in debt facilities.
Pro tip: when buying a bank, be patient. Following a year and a half of proceedings, Argentinian FinTech unicorn Ualá has obtained regulatory approval from the CNBV to purchase the Mexican bank ABC Capital, joining the leagues of Credijusto (now known as Covalto).
Follow The Money
Kapital bags US$65 million in Series A and Debt Funding
The FinTech has secured US$20 million in a Series A round and US$45 million in debt facilities. This comes less than a year after its US$8.6 million seed round. Kapital aims to offer Latin American SMEs a comprehensive financial solution, including cash flow, credit, and investment services. The platform allows users to access credit, manage business spending, and even estimate future revenue. It has also rolled out a feature to assist with future loans. Currently serving over 11,000 businesses, the team expects to be profitable by summer. The newly raised capital will be used for product development and further expansion in Colombia.
Sector: FinTech
Total raised to date: US$30.5 million Equity + US$165 million Debt
Founders: Rene Saul, Fernando Sandoval Oseguera, Eder Echeverria
Investors: Tenacity Venture Capital, Broom Ventures, Pioneer Fund, Soma Capital
Zumma secures US$500K funding
The FinTech founded by three Latin American women has secured US$500k to launch Zummi, an AI-powered financial expert offering personalized recommendations. Users receive advice on savings, capital management, and expense reduction through Zummi. The platform also offers tools for expense tracking, budgeting, and financial goal-setting, resulting in an integrated experience that empowers users to make informed financial decisions and achieve their financial goals.
Sector: FinTech - Artificial Intelligence
Total raised to date: US$0.5 million
Founders: Maria Fernanda De La Colina, Daniela Lascurain, Marinella Piñat
Startups News
Ualá officially acquires ABC Capital
Argentinian FinTech unicorn Ualá has obtained regulatory approval from the CNBV to purchase Mexican bank ABC Capital. Following a year and a half of proceedings, the deal went through, giving Ualá an opportunity to expand its range of credit products, which include credit cards and personal loans.
This acquisition marks the second significant buyout by a tech firm in the region, following Credijusto's purchase of Finterra bank in June 2021.
99minutos adds JAC Electric Vehicles to its fleet
The Logistics startup has bolstered its green initiatives by acquiring 25 electric vehicles from JAC Motors for its CO2Free project. The JAC E 10X Cargo vehicles will help reduce operational costs by up to 70% compared to traditional fuel vehicles. This move, facilitated by Element Fleet Management México and supported by Evergo's charging solutions, emphasizes the companies' shared commitment to sustainable logistics and their drive to increase electric vehicle adoption in Mexico.
inDrive expands services with freight offering to eight Mexican cities
The private transport service application, has announced the launch of its freight service in several cities in Mexico. The service is now available in the cities of Chihuahua, Mexicali, Culiacán, Ciudad Obregón, Los Mochis, Tampico, La Paz, and Toluca. inDrive Freight will offer a variety of cargo vehicles for any task, ranging from small vans, mid-size SUVs, pickups, to medium and large trucks, and even refrigerated trucks for goods requiring special storage conditions.
Rest of the World
Colombian Trébol raises new capital to push into the Mexican market
The FinTech secured US$3 million in a seed round to boost its automation services for financial registration processes in Mexico. The firm's platform, which reduces the registration timeline from weeks to just hours, is set to benefit banks and financial institutions. Trébol's clients include regulated banking entities and unicorn firms, one notable partner being the Mexican unicorn Clara.
Costa Rican Huli secures a Pre-Series A round to further expand in Mexico
The HealthTech, which aims to become the leading health technology company in Latin America, has closed a $5.5 million Pre-Series A funding round. This investment will be used to facilitate its expansion in Mexico, as well as enhancing its existing products and services.
So far, Huli has developed a digital platform that has connected more than 10,000 health professionals, 400 hospitals and medical centers, and 7 million patients with clinical laboratories, insurers, pharmacy chains, and pharmaceutical companies.
Community
This week, 500 LatAm shared the list of its Somos Lucha’s 18th Batch - here are the selected Mexican startups:
Serpa Cloud - No Code platform to easily deploy in the cloud.
Retliq - Reverse Logistics: Simplified.
ali - LegalTech using A.I. to make lawyer lives easier
Also for those of you in the A.I. space, Mexican VC fund ALLVP is looking for your input to help them shape a new report on the state of A.I. in Latin America. Click here to take the survey.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!