24.8 C
New York
Tuesday, June 6, 2023

Sequoia Capital Invested $ 39M Series C Round To Chilean Web

The company’s creator and CEO, Pedro Pineda,  According to him, Fintual received $39 million from investors led by Sequoia, the majority of which will be used to accelerate the company’s expanding activity in Mexico. The latest investment marks Chile’s first major foray into Latin America’s increasingly competitive fintech industry as fintech companies like Geopagos and Monedero, who were both founded in Chile, indicate.

Sequoia has invested in Chilean startups before, but this one was its first investment here. Sequoia invests in startups all over the world, including other Latin American startups, such as Despegar.com and Nubank. Beckta is part of a growing movement of regional fintech firms using technology to change the Latin American market.

These entrepreneurs have found success by developing better-quality, cheaper products in markets where fees and service are notoriously expensive.

What Is Fintual?

In 2018, Fintual was established, and it offers online platforms for savings and investments. The onboarding of new clients may be completed entirely online without requiring the signing of any paperwork, according to Pineda, making it the first financial services provider in Chile and Mexico to do so.

Fintual manages $665 million in assets for more than 70,000 clients through passive investments, mostly through index funds. Each ETF is weighed periodically through their own algorithms and a small investment team to ensure they are meeting our clients’ needs.

Fintual will surpass $1 billion in assets under management in Chile and Mexico in the next three to four months, according to Pineda. Mutual funds in Chile alone had about $60 billion in assets under management as of September.

The company began operations in Mexico last year. In July, the company acquired fund distributor Invermerica there for an undisclosed amount. The company claims to have grown its assets under management there 45% just in the last month.

In a series A of deals, Fintual raised around $15 million. Earlier this year, they received funding from Kaszek Ventures, and soon after, Sequoia got in touch with them to express interest in joining the business.

Fintual plans to launch this year a group investments platform for clients to save for a common goal. Friends will be able to contribute together and then see their progress as the group investment progresses, protecting individual control over their own share. They could use this platform for a joint trip, shared project, or other investment.

Fintual launched a savings account in dollars and debit or prepaid cards not long ago. The company may soon launch new products, such as cash in dollars or savings account for retail customers. In the future, Fintual may invest unused balances in its own funds for clients who aren’t able to make deposits themselves.

Despite political concerns, venture capital investments in Latin America have reached record highs. In the third quarter alone, investments reached $5.1 billion bringing the year-to-date total to $11.5 billion, according to The Association for Private Capital Investment in Latin America, Lavca.

Read More Business Realted news:-

Venture Funding Surged To A Record Level At US$ 64 Billion In Q1,

Thrasio Raises $100M For Its Amazon Roll-Up Play, Appoints Retail CFO For Its Next Steps,

Brex Raised $300M in Series D-2 Round

Drivenet Successfully Raised $208 million in Series B Funding

Also Read About: /Qzxeesx5kx8 | HOW TO GET 100K SEMRUSH TRAFFIC – COMPLETE GUIDE | /T_n-Z3pijee

Related Articles

Stay Connected

- Advertisement -spot_img

Latest Articles