Kapital's lending-first LatAm model

Lending is Kapital's cheapest and strongest path into the rest of the finance stack. A working capital line solves an urgent pain first, then pulls the customer into daily workflows like paying suppliers, tracking receivables, running payroll, and checking cash position inside the same dashboard. That is why cross sell is easier here than in card first models, because Kapital already sits at the operating account and funds the moments when the business is under stress.

• Kapital uses credit as the hook, not the end product. In earlier interviews, the founders describe bundling a revolving line with invoice selection and vendor payment, so the business borrows and executes the payment in one place. That workflow naturally exposes adjacent products like AP, AR, wires, and payroll calculation.
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• This is different from Brex and Ramp, where cards and spend software led the relationship. In LatAm, lower interchange and higher rates make cards a weaker economic wedge, so Kapital's lending plus operating account model creates stronger trust and a broader right to expand into treasury, stablecoins, and back office tools.
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• The attach data shows why this matters. Kapital's customers moved from using the platform once a month to daily, with founders describing businesses making far more payments over time, and the company reached $184M annualized revenue in 2024 as deposits, payment volume, and product breadth all expanded together.
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The next phase is deeper ownership of the SME operating system. As Kapital keeps underwriting cash flow, controlling the operating account, and automating finance tasks, products like payroll, benefits, and B2B2C rewards become less like new lines of business and more like natural extensions of an existing banking relationship.