Chilean fintech Destácame announced the closing of a new Series B investment round for $10 million USD.
The latest round was led by Banco Santander and counted with the participation of the VC funds Kayyak Ventures and FEN Ventures, being the bank’s first foray into the national fintech ecosystem.
The company, which was founded in 2017, and which, in recent months, began to have operations in Mexico — a country it considers key for the expansion of its services in LatAm — is focusing on offering through its platform a series of financial tools so that corporate consumers can find solutions according to their credit profile.
According to the fintech, the objective behind this new investment is to strengthen its financial well-being B2B product for employees, “Destácame PRO for teams,” and, on the other hand, to continue growing in Mexico.
Expansion into Mexican market
“This capital increase is very significant, as it allows us to grow aggressively in Mexico and deliver, through Destácame PRO for teams, tools to companies to help their employees improve their finances and live more peacefully,” said Jorge Camus, Co-Founder, and CEO of Destácame, in a statement.
“We have been working with Banco Santander for years, and we have discovered that they share our purpose of helping people achieve their financial well-being, and with this investment, we will be able to strengthen our ecosystem of tools and generate more impact,” he added.
Destácame Pro for teams is a package of benefits companies contract for their employees to give them access to an ecosystem of tools, support, and financial education to manage their money better.
According to the executive, the fintech has found excellent market potential in Mexico and is growing in the country with between 60,000 and 80,000 users per month.
Increasing impact on LatAm businesses
Daniela Espinosa, head of Santander Startups, says that “financial well-being has always been a central part of our long-term corporate strategy, as has the possibility for people to have access to digital products that meet their needs. We also saw this in Destácame, an innovative company that has demonstrated leadership in this area. Therefore, we decided to support them to continue enhancing their growth and increasing the impact they have already generated in Chile and Mexico.”
Destácame already has 4.5 million users and wants to reach 10 million by 2025, expanding its operation in Mexico.
“We know closely the pain Latin Americans are experiencing when managing their finances, so these resources will be key to continue growing and developing our financial wellness solutions. In this growth, we will have a very important challenge to maintain the excellence that characterizes us, but we have a great team that is prepared for this new stage,” concluded Camus.