Kapital Reaches Unicorn Status with $1.3 Billion Valuation

Mexican fintech firm Kapital has achieved unicorn status with a valuation exceeding $1 billion after securing a new round of funding. The firm is set to receive up to $100 million led by Tribe Capital and Pelion Ventures. Kapital has expanded through acquisitions, including a banking license purchase.

Mexican financial technology company Kapital has soared to unicorn status, marking a significant milestone with a valuation of over $1 billion, achieved through a fresh funding round led by Tribe Capital and Pelion Ventures.

The company's recent moves have positioned it among a select group of Mexican firms such as Kavak and Bitso that have reached this coveted status. The influx of new capital, amounting to $100 million, brings Kapital's total valuation to $1.3 billion, helping to fuel its expansion efforts in banking operations.

CEO Rene Saul attributes the company's profitability and accelerated growth to a strategic blend of a banking license and innovative proprietary software. In its latest move, Kapital will infuse $100 million into its banking operations after completing its acquisition of assets from Intercam, a firm previously scrutinized by U.S. sanctions.

(With inputs from agencies.)