Sacra estimates Kapital hit $184M in annualized revenue in 2024, growing 150% YoY from $98M in 2023, which itself represented a 833% jump from $11M in 2022.

Kapital's growth is fueled by its focus on providing financial services to small and medium-sized enterprises (Pymes) in Mexico, combining fintech agility with traditional banking security. The bank's portfolio assets reached $344M by Q4 2024, while deposits grew to $569M, indicating strong customer trust. By March 2025, Kapital's gross loan book had surged to MXN 7,654M ($450M USD), up 145% YoY, serving approximately 115,000 clients. The company achieved profitability in 2025.

Total payment volume surged to $8.4B in 2024, a 298% increase from $2.1B in 2023. This dramatic growth reflects Kapital's expanding customer base, which includes over 5,000 SMEs and 500,000 credit card users. Following the Intercam acquisition in late 2025, Kapital added approximately MXN 12,000M in loans and MXN 20,000M in deposits, bringing total customers to around 300,000 across the U.S., Mexico, and Colombia, with over $3B in customer assets under management.

ARPU showed consistent quarterly improvement throughout 2024, rising from $117 in Q1 to $153 in Q4, a 30.8% increase that suggests successful monetization strategies. Revenue streams include credit facilities, payment processing, and innovative offerings like Kapital Rewards and stablecoin services that help businesses hedge against currency volatility.

The B2B neobank's revenue mix is split between lending (60%) and SaaS/tech revenue (40%). The lending segment includes interest income from credit cards, working capital loans, and their Kapital Flex product, while tech revenue comes from their $40/month SaaS subscription, wire transfer fees, interchange, and funding fees for prepaid cards. Credit quality metrics as of March 2025 showed an average non-performing loan ratio (IMOR) of 2.9% from December 2023 through March 2025, with loan loss coverage (ICOR) at 1.4x and a capital adequacy ratio (ICAP) of 13.1%. Return on assets stood at 0.2%, with a loan-to-deposit ratio below 1.0x.

Kapital was valued at $1.3B following its $100M Series C round led by Tribe Capital and co-led by Pelion Ventures in September 2025, doubling its valuation from the prior round. The company stated it had achieved profitability at the time of the raise.

Earlier financings included a $40M Series B in December 2023 and a $20M Series A in May 2023. Since its 2020 founding, Kapital has raised about $170M in equity funding. Notable investors include Tribe Capital, Pelion Ventures, Y Combinator, Cervin Ventures, and MS&AD Ventures.

In June 2025, Moody's Local México assigned Kapital A-.mx (long-term deposits) and ML A-2.mx (short-term deposits) ratings with a Stable outlook. Following the Intercam acquisition announcement, Moody's changed the outlook to "Developing" in September 2025 while affirming the ratings. Fitch México assigned BBB+(mex) long-term and F2(mex) short-term national counterparty risk ratings, placing them under observation.

Kapital was founded in 2020 by René Saul, Fernando Sandoval, and Eder Echeverria-Arroyo, evolving from their experience operating an offline lending business for small and medium enterprises in Mexico and Peru.

Kapital found product-market fit as an integrated banking and financial management platform for Latin American SMBs with 10-100 employees and $2-10M in annual revenue, who struggled with fragmented financial tools and lack of real-time visibility into their operations.

The core product combines a banking platform with an ERP system that automatically ingests electronic invoices (mandatory in Latin America) to provide real-time financial visibility. When businesses connect their account, Kapital centralizes their entire cash flow management - from tracking accounts receivable and payable to executing vendor payments and managing payroll.

Rather than requiring SMBs to piece together 6-7 different systems, Kapital provides an all-in-one platform where business owners can monitor cash positions, pay vendors, run payroll, and manage expenses. The platform leverages Latin America's standardized e-invoicing system to automatically populate financial data, eliminating manual data entry that plagues similar tools in the US and Europe.

Key features include automated invoice processing, vendor payment management, multi-currency accounts, and an AI-powered financial analytics dashboard that helps businesses optimize spending and identify cost-saving opportunities.

In August 2025, Kapital announced the acquisition of Intercam's brokerage (Casa de Bolsa), asset management (Fondos), and operational banking assets, expanding beyond SMB banking into wealth management and retirement services.

The acquisition brought approximately 180,000 additional clients including 800,000 pensioners, adding brokerage services, mutual fund operations, and approximately 1,900 trusts (fideicomisos) to Kapital's platform. This transformed Kapital into a Grupo Financiero (financial holding company) offering integrated banking, lending, wealth management, and investment services across retail and business segments.

Kapital is a Grupo Financiero (financial holding company) that combines B2B neobanking services with an integrated ERP system, brokerage operations, asset management, and wealth services, targeting small and medium-sized businesses, retail investors, and pensioners across Latin America.

The company generates revenue through three primary streams: interest income on lending products (historically 60% of revenue), recurring SaaS subscriptions for financial management software (historically 40%), and fees from brokerage, asset management, and trust services added through the Intercam acquisition.

The company's core B2B product is a comprehensive banking and financial management platform that centralizes business operations including current accounts, expense management, accounts payable/receivable tracking, and real-time financial analytics. This is monetized through monthly SaaS subscriptions. Kapital uses revolving credit lines as a hook to attract customers, then cross-sells additional services like corporate cards, payroll processing, and international payments.

What sets Kapital apart is their integration with Latin America's mandatory e-invoicing systems, allowing them to automatically capture and analyze business transaction data. This gives them unique insight into customer cash flows and credit risk, enabling better lending decisions. The company leverages channel partnerships with local chambers of commerce for customer acquisition, paying only when businesses sign up. The Intercam acquisition added brokerage commissions, mutual fund management fees, and trust administration fees as new revenue streams, while expanding the addressable market to include retail wealth management and retirement services for 800,000 pensioners. Their multi-product strategy and focus on becoming the central financial operating system for SMBs and retail investors drives high customer retention and expanding revenue per customer over time.

Kapital operates in the B2B neobank and financial management market across Latin America, where competition breaks down into three main categories: incumbent banks, consumer-focused neobanks expanding into B2B, and pure-play B2B fintechs. Following its acquisition of Intercam assets in 2025, Kapital moved from the #34 position to approximately #25 in Mexico's multiple-banking system by assets, competing more directly with mid-tier traditional banks.

Legacy players like Santander, HSBC, Citi, BBVA and Scotia dominate corporate banking in Latin America but have underinvested in technology, particularly for SMBs. These banks focus primarily on large enterprise customers and consumer banking, with dated infrastructure that hasn't been meaningfully updated in 30-40 years. Kapital's expansion into wealth management and brokerage through Intercam positions it to compete with these incumbents' full-service offerings, combining modern digital infrastructure with traditional banking licenses and brokerage capabilities.

Nubank and Banco Inter have captured significant market share in consumer banking and are expanding into business banking. These players benefit from strong brand recognition and existing relationships but lack specialized B2B features. With only 20-50 banks per country in LatAm versus 80,000 in the US, there's room for multiple winners as banking digitizes.

Pure-play B2B fintechs like Clara and Mendel focus on specific verticals like expense management and corporate cards. However, they typically offer point solutions rather than full banking and financial management platforms. The relatively low interchange rates in LatAm (0.5-0.9% vs 1.5-2.5% in US) make pure-play card businesses less viable, pushing companies toward multi-product strategies. Unlike the US where businesses typically use 5+ different financial tools, the lack of established SaaS players in LatAm creates an opportunity for vertically-integrated providers to capture multiple product categories.

Kapital has tailwinds from Latin America's underserved SMB banking market and mandatory e-invoicing infrastructure, with opportunities to expand into adjacent markets like embedded finance, cross-border payments, and treasury management across emerging markets. The Intercam acquisition opened a new TAM in wealth management, retirement services, and brokerage operations.

With only 20-50 banks per country in Latin America compared to 80,000 in the US, and SMBs representing 50% of regional GDP, there's massive whitespace for digital-first banking. Kapital's integrated banking and ERP platform serves the 99.5% of Latin American companies that are SMBs, with potential to capture significant share of the $1.5T+ in annual business payments across the region.

Through the Intercam acquisition, Kapital gained access to approximately 800,000 pensioners and a retail wealth management franchise including brokerage services, mutual fund operations, and approximately 1,900 trusts. This expands Kapital's TAM beyond SMB banking into Mexico's growing middle class seeking investment products, retirement planning, and wealth preservation against currency volatility. The integration of business banking with personal wealth management creates cross-sell opportunities as SMB owners can manage both their business finances and personal investments on a unified platform.

Kapital's stablecoin-powered cross-border payment infrastructure positions them to serve the 70%+ of Latin American digital commerce that is international, compared to just 26% in the US and UK. Their USDC treasury product helps companies protect against currency volatility, with the Colombian peso fluctuating between 3,200-5,000 per USD in recent years. This creates expansion opportunities into other emerging markets facing similar challenges.

By vertically integrating banking, lending, and back-office functions, Kapital can expand into embedded finance - providing their infrastructure to other platforms serving SMBs. Their Kapital Flex product, which offers B2B buy-now-pay-later for inventory purchases, demonstrates the potential to build new financial products on top of their core platform. With 60% of revenue from lending and 40% from SaaS, they've proven the model of combining financial services with software.

Integration execution risk: Kapital's acquisition of Intercam's brokerage, asset management, and banking assets represents a fundamental business model transformation from pure B2B neobank to full-service Grupo Financiero. Integrating 180,000 new clients, 1,900 trusts, and legacy wealth management systems while maintaining credit quality and regulatory compliance across multiple business lines poses significant operational complexity. Moody's placed Kapital's ratings outlook on "Developing" specifically due to integration uncertainty, and the company committed $100M to support operations and compliance post-acquisition.

Regulatory arbitrage risk: Kapital's competitive advantage partly stems from Mexico's e-invoicing infrastructure and lighter fintech regulation compared to the US. As LatAm financial markets mature and regulation tightens, Kapital may face increased compliance costs and competition from traditional banks upgrading their tech stacks. Becoming a Grupo Financiero significantly increases regulatory oversight and capital requirements compared to operating as a standalone neobank.

Currency volatility exposure: While Kapital helps customers hedge against local currency volatility through USDC, extreme FX swings could strain their lending business. If borrowers' revenues are in rapidly depreciating local currencies while loans are USD-denominated, default rates could spike. Their 50-70% lending margins provide some buffer but may not fully protect against severe currency crises.