Xepelin, the Chilean fintech specialized in financing for SMEs and led by Sebastián Kreis, closed a bridge round for nearly US$20 million, led by the Mexican fund Nazca Ventures. The objective is to incorporate local partners in Mexico and prepare the company for a new stage of regional scaling.
The operation, not yet officially announced, clearly reflects the new scenario faced by fintech startups globally: the company went from a valuation of US$720 million in its Series B to close to US$400 million, which implies an adjustment of more than 40%.
Several global fintechs have gone through similar processes after the multiple records of 2020 and 2021. Klarna reduced its valuation by more than 85%, Stripe by around 50% and Ramp by around 28%. In this context, Xepelin today would be billing around US$100 million annually and has worked with more than 70 thousand companies since its founding.
Record capital trajectory
Founded by Sebastián Kreis together with Nicolás de Camino, Diego Contreras, Felipe Puntarelli, Carlos Veloso and Guillermo Molina, Xepelin has established itself as one of the Chilean technology startups that has raised the most capital, both in equity and debt lines.
In July 2021, the company announced a landmark Series A for US$230 million, comprised of US$30 million in equity and US$200 million in credit facilities. The round was led by Kaszek Ventures and included the participation of DST Global Partners, Picus, Cathay Innovation, FJ Labs and the Chilean funds Kayyak and Amarena.
A year later, in 2022, Xepelin raised a Series B of US$111 million led by Avenir and Kaszek, with the entry of investors such as PayPal Ventures, Wellington Management, DST Global, Battery Ventures and Endeavor Catalyst, which brought the valuation of the fintech to around US$720 million. Added to this financing are debt lines from Chilean AGFs, pension funds and a line for US$140 million granted by Goldman Sachs.
Mexico as a strategic axis and the Sofipo license
To make the definitive leap towards a valuation of one billion dollars, those close to the company agree, the main challenge is in Mexico. The objective is to consolidate itself as the “Nubank for SMEs”, and to this end, Xepelin has been working for months on obtaining a Sofipo (Popular Financial Companies) license, which would allow it to significantly expand its offering of financial products.
The company assures that the process should be unblocked and approved during 2026. Currently, Xepelin has nearly 500 employees and has gone through a series of adjustments in its executive team. Among the recent movements, the incorporation of Martín Ugarte, former CTO of Fintual, stands out, who joined in September 2025 as vice president of engineering, reinforcing the technological focus of the firm in this new stage.
