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