The company has raised $100 million in an extension of its Series B round.
A post-money valuation of $600 million was achieved by the startup after raising $86 million in the first phase of financing. The company has raised $200 million since it was founded.
Rai sing an extension as opposed to a new round made more sense because it was the same investors who were doubling down. SoftBank Latin America Fund is one of the backers.
We needed more money to fuel more growth since we have gotten more ambitious. Economics and speed of business were the only things that didn't change.
He said that the raise came after a year of 200% revenue growth. The company grew by 100% in the most recent quarter.
Kushki wants to make it easier, cheaper and more secure for businesses in LatAm to process and send digital payments. Businesses in LatAm can accept payments in their local currency. Digital banks want to grow faster online and drive consumer adoption of digital payments. The infrastructure of Kushki can help boost acceptance rates.
Kushki has a way for businesses to interact with all the information they need to integrate its payment technology.
Hundreds of customers include Telefnica, Claro, Credijusto, and others.
Despite a global venture slowdown and challenging macro environment, payment infrastructure has remained resilient. In Latin America, it is usually very fragmented and unstandardized.
The problem we're tackling is so big right now and what we've been able to conquer is so small compared to that. Payments in Latin America will keep going up regardless of whether or not the stock market goes up or down. We are building a giant pillar for ourselves and for other companies that are building on top of us.
The startup is currently operating in five countries. The team of 750 employees is composed of 70% product and engineering staff and the company has offices all over the world. The capital will be used to develop a modern payment infrastructure for Latin America that facilitates payment transactions of any type in any country.
According to Hernan Kazah, managing partner at Kaszek, Kushki is just getting started in connecting LatAm with efficient digital payments. In early 2020, the firm invested in the Series A round.
Latin American startups have received a lot of interest and money in the last few years. Latin American startups have shown more traction than their foreign counterparts at lower valuations.
He said that a lot of payments companies in the United States have a small portion of what they have in terms of revenue.
Last month, So Paolo–based Dock, which operates a full-stack payments and digital banking platform across LatAm, raised $110 million in a growth funding round.
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Kushki, an Ecuador-based fintech, raises $86M to build financial infrastructure in LatAm
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