ImpactAlpha, May 4 — Small and mid-sized businesses in Latin America fail more frequently than similar businesses in other regions. Santiago, Chile-based Xepelin aims to streamline day-to-day financial tasks for small businesses such as paying bills, collecting payments and securing working capital.
More than 15,000 SMBs in Chile and Mexico use Xepelin’s app. The company has raised $111 milion in Series B financing to reach more of Mexico’s 4 million small businesses without access to financial services.
Mexico’s small and medium businesses, said Xepelin’s Sebastian Kreis, “not only represent the most important economic sector in the country, but they also represent the largest percentage of the workforce.”
Xepelin secured an $80 million debt investment from Community Investment Management earlier this year. Equity investors in the latest round include PayPal Ventures, Battery Ventures, Endeavor Catalyst, DST Global Partners and others.
Xepelin raised $30 million in a Series A equity round and $200 million in debt funding less than a year ago.