Narayan AmmachchiMexican fintech Kapital Grupo Financiero has achieved unicorn status after securing $86 million in a Series C funding round, doubling its valuation to $1.3 billion.
With this milestone, Kapital joins the ranks of a few Mexican companies — such as used-car platform Kavak, crypto exchange Bitso, and fintech firms Stori and Plata — that have reached the coveted billion-dollar valuation.
Kapital’s rapid rise is largely credited to its banking license approval in Mexico, a key move that fueled growth. The company also recently acquired Intercam Bank, which had faced U.S. sanctions over alleged money laundering ties with cartels.
Founded in 2020 by CEO René Saúl and CFO Fernando Sandoval, Kapital is based in Mexico City. It focuses on small businesses — a segment often neglected by traditional banks in Latin America.
Its offerings span loans, credit cards, payroll, and employee benefits services, helping it build a fast-growing customer base.
The company now serves 300,000 customers across the U.S., Mexico, and Colombia and manages a $3 billion balance sheet. The latest funding follows a $165 million debt-and-equity raise in 2023.
The Series C round was led by Tribe Capital and Pelion Ventures, with participation from Marbruck Ventures, True Arrow, and Y Combinator.
Kapital plans to deploy the new funds to develop an AI-powered financial ecosystem, aiming to enhance efficiency and business performance.
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