Goldman Sachs, a US-based provider of financial services, has agreed to fund Chilean fintech Xepelin USD 140 million so that it can expand into Mexico.
According to Xepelin representatives cited by Bloomberg, this is the company’s largest credit facility to date and is in Mexican pesos.
The same source revealed that Xepelin wants to grow internationally and that, by 2025, it hopes to have 1 million clients in addition to its present 15,000 client base. The market for payment services between businesses in Latin America is estimated by the corporation to be $8 trillion in size.
The Goldman Sachs asset-backed loan will be disbursed in two tranches, the first for $40 million and the second for $100 million, over the course of around three years.
By extending the existing payment infrastructure and developing a platform for SMEs at a regional level, Xepelin offers business digital transformation services. The business offers small and medium-sized businesses real-time financial information and integrates financial services with various data models to enable cutting the time typically required for the financial processes they must go through from weeks to hours.
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