Invoice-Driven Underwriting for LatAm

This is what lets Kapital underwrite like an operating system, not like a bank. Instead of waiting for month end statements and accountant prepared reports, Kapital can watch money coming in, invoices going out, who pays late, who gets paid first, and how often a business rolls short term obligations. In Mexico and other LatAm markets with mandatory e invoicing, that gives it a live picture of business health and makes faster loan offers possible.

• Kapital built its product around the idea that the bank account is where owners already check the business every day. It combines current accounts, receivables, payables, invoicing, cards, and working capital in one screen, so credit decisions draw from the same data customers use to run the company.
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• This is a sharp contrast with Brex style underwriting. Brex originally won by approving startups off cash in the bank rather than old financial statements, but its center of gravity was still the card and expense stack. Kapital goes further into payables, collections, and treasury, which matters more for LatAm SMBs living with supplier pressure and long payment cycles.
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• The payoff shows up in lending becoming a core revenue and growth engine, not just a feature. Kapital says lending has historically contributed about 60% of revenue, and Flex, its supplier payment financing product, helped drive total payment volume to $8.4B in 2024 as the company expanded across deposits, treasury, and software fees.
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The next step is that this underwriting logic turns into continuous financial coaching. As Kapital gathers more transaction and invoice level data, it can move from approving credit faster to telling customers when to borrow, when to hold cash, and which payments look risky, making the data layer more defensible than any single card or loan product.