Kapital as Brex and Billcom for LatAm
Fernando Sandoval, co-founder of Kapital, on tropicalizing Brex for LatAm
The key point is that Kapital is trying to own the full cash flow loop of an SME, not just the card spend slice. Brex and Ramp are useful comparisons for cards, controls, and expense workflows, but the Bill.com comparison matters because it adds invoices, vendor payments, collections, and reconciliation. That gives Kapital visibility into money coming in and money going out, which is the raw material for lending, automation, and daily operating software.
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In practice, this means a merchant can see sales, bills, payables, receivables, cards, loans, and treasury in one place. Kapital says card spend is only about 10% of customer spending, so the broader billing and cash flow data is what makes the product more than a corporate card dashboard.
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The Bill.com analogy is specifically about AP and AR workflows. BILL centers on invoice capture, approvals, payment rails, reminders, and accounting sync. Kapital describes a similar role inside its banking product, where SMEs can select invoices, pay suppliers, track collections, and automate recurring finance tasks from the same system.
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This broader workflow is also what powers monetization. Kapital charges for the dashboard, earns fees and interest from Flex financing, and uses the combined data set to underwrite credit and cross sell more products. By the end of 2024, annualized revenue reached $184M and payment volume hit $8.4B, showing the all in one model is translating into usage.
The direction of travel is toward a full SME operating system for money. If Kapital keeps adding payroll, HR, contractor payments, and AI driven automation on top of banking and bill pay, it can become the default control center for Latin American SMEs, with cards as one feature inside a much larger financial workflow stack.