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Chilean fintech Xepelin secures US$80 million to lend to SMEs in Mexico

Mexico City — Xepelin, a Chilean start-up specialized in offering financial digital services for small and medium-sized enterprises (SMEs), recently obtained US$80 million to strengthen its expansion plans in Mexico.

The resources awarded by Community Investment Management (CIM), an investor focused on impact initiatives to underserved communities, it was done through asset-backed debt, Xepelin reported.

Leveraged by this investment, the fintech launched a new product in Mexico that includes an option for SMEs in the country can access short-term loans for working capital.

“If the company does not have capital to pay at that time, but it is going to receive it in 30, 60 or 90 days, it can use it to pay its obligations in a timely manner directly with Xepelin’s capital and pay it later, in those days. 30, 60 or 90 days,” Sebastian Kreis, Xepelin’s co-CEO, said in a statement.

The financing of CIM is in addition to the US$230 million that Xepelin obtained in a Series A investment round in July 2021the highest obtained by a Chilean startup in this financing stage.

Half of the resources of series A, led by Kaszek and DST Global, would be destined for its growth in Mexico, company officials said in an interview with Bloomberg Line in August.

Mexico is Xepelin’s bet to expand its operations in Latin America, a market of 30 million companies.

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