Chile’s Fintual Secured $39M By Sequoia Capital

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Chile-based fintech, Fintual an investment and saving platform announced that it has raised $39 million in a series B round of funding, which led the total raised amount by the company to $57 million. 

This round was led by a Californian venture capital, Sequoia Capital, which has invested for the very first time in any Chilean fintech. 

FINTUAL is an asset manager or we can say a financial advisor whose foundation was led in 2018.  Many financial services are offered by it, mainly investments and savings. It is Chile’s first company of this type that onboard new customers in an absolute digital way.

The foundation of Fintual was led by Pedro Pineda, Omar Larre, Andres Marinkovic and Agustin Feuerhake(also the CEO).

In June 2021, Fintual announced the procurement of Invermerica, who is the fund distributor of Mexico, although the acquisition amount was undisclosed yet.

By this acquisition, Fintual becomes one of the few fintech that gets authorization from the National Banking and Securities Commission(NBSC) of Mexico to effectuate non-face-to-face onboarding or virtual/digital registration of its clients.

Mexico has also gotten its first company like Fintual, that can onboards new customers in an absolute digital way.

Fintual is now regulated in both countries, Chile and Mexico.

Currently, $700M in assets is managed by Fintual fintech in a passive investment, for almost 70 thousand plus customers which are mainly exchange-traded funds(ETFs). And it only has a staff of 100 people. 

Intention Regarding The Raised Capital

Fintech has settled its sights on accelerating the expansion of its Mexican branch, which was acquired last year. They aim to extend their business in the Mexican markets. 

The CEO of Fintual, Pedro Pineda told Bloomberg that “their challenge for the upcoming 18 months will just be Mexico.”

On Twitter, CEO Pedra Pineda tweeted, “currently Chile is our main market but our plan is to make Mexico the main one just within one or two years”.

Fintual fintech also revealed its mission to accomplish the $1 billion asset in the upcoming three or four months and by the end of 2022, they aim to hike it up to $2 billion. 

About The Investor Sequoia Capital

The grandiose American venture capital, Sequoia Capital is a stage agnostic investor that sponsored and invested in over 15 hundred companies all over the world and its main focus is on innovation and technology. 

Donald T. Valentine founded Sequoia Capital in 1972 and the headquarter of this fintech company is at Meleno Park, California, U.S. 

Sequoia Capital is well-known for backing some tremendous firms, which now have a total stock market valuation of 1.4 trillion. Some big names that got investment from Sequoia are Apple, Youtube, Google, Instagram, etc and these names say it all. 

This shows the thriving status of Fintual, that it got supported by a firm that has invested in the companies with a trillion valuation.

In June 2021, Fintual raised $15 million in series A round which was led by Kaszek along with ALLVP, Y Combinator, and Osker Hjertonsson from Corner Shop by Uber. 

Conclusion

The Chilean fintech, Fintual has raised $39 million in a series B round of funding. Sequoia Capital guided this round which makes the total raised amount of the company till now to $57 million. Fintual aims to use the fresh investment for the development of their new branch in Mexico. 

FAQs

Who is the lead investor in this funding round?

Sequoia Capital.

How much capital has been raised?

$39 million.

What is the purpose of raising this fund?

Fintual declared that it will use this fresh capital in the growth, development, and innovation of its newly acquired Mexican branch.

What services are provided by Fintual fintech?

Fintual provides financial services to its customers mainly investments and savings services. It is onboards new customers in an absolute digital way.

Who is the founder of Fintual?

Pedro Pineda, Omar Larre, Andres Marinkovic and Agustin Feuerhake.

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