Chilean financial services platform Xepelin has received a $140 million credit line from US multinational Goldman Sachs, the fintech’s largest credit facility so far.
The credit line, denominated in Mexican pesos, is designed to help finance further expansion into Mexico, Bloomberg reports, and will be released in two parts – $40 million then $100 million.
The fintech acts a “digital CFO”, providing small and medium-sized enterprises (SMEs) with real-time financial information and integrating financial services with data models to reduce the time companies spend on day-to-day financial tasks, including getting paid.
The company currently operates in Mexico and Chile and has more than 450 employees spread throughout Latin America.
Xepelin was founded in 2019. In May, the firm raised $111 million in a Series B financing round led by Avenir and Kaszek, the largest such round in the history of Chile, Xepelin says.
It raised $30 million in a Series A round in July last year. It also launched a new B2B payments product that organises and automates payments.
Talking to Bloomberg, Xepelin co-founder and co-CEO Nicolas de Camino says the asset-backed loan from Goldman Sachs is “just the beginning of what we hope will be a long-term relationship”.
“We hope we can increase it in the future, and a few times.”