Kushki, a payments infrastructure company in Ecuador, has raised $100 millions as part of its Series B round. It is more than twice its current valuation of $1.5 billion.
The startup had raised $86 million in the first tranche of the financing in June of 2021 at a post-money valuation of $600 million.
It has raised nearly $200 million since its 2017 inception, according to Crunchbase.
Raising an extension as opposed to a new round made more sense because it was the same investors doubling down, according to CEO and co-founder Aron Schwarzkopf.
Clocktower Ventures (Kaszek Ventures), SoftBank Latin America Fund (DILA Capital), and Clocktower Ventures are just a few of the backers.
Kushki said that the raise follows a year of revenue growth of 200%, but declined to disclose hard revenue figures.
This quarter also marks a quarter when the company experienced a 100% increase in year-over-year growth.
Kushki is a digital payment platform that aims to make it simpler, more cost-effective, and more secure for LatAm’s businesses to send and receive/process payments electronically.
It allows LatAm companies to accept global payments and receive money locally.
The end goal is to help these businesses — such as digital banks — grow faster online and drive consumer adoption of digital payments. Kushki claims that the infrastructure can also increase fraud prevention and acceptance rates.
In technical terms, Kushki has developed an API that gives businesses a way to interact with “all the information” they need to integrate its payment technology into their business.
Kushki has “hundreds” of customers, including Telefónica, Claro, Credijusto, Colombian on-demand delivery unicorn Rappi, Santander, and others.
The startup is currently active in five countries: Ecuadore, Peru, Colombia and Chile.
It has 750 employees, an increase from the 100 that it had in mid 2020. The 70% product and engineering staff make up the majority of the company’s workforce. There are offices all around the world with staff located in Brazil, Europe, APAC and the U.S.
The company plans to use the capital primarily to advance its mission to develop “a modern payment infrastructure for Latin America that facilitates payment transactions of any type in any country.”