Multi-product platforms win in LatAm

Low interchange turns the card from the business model into the customer acquisition tool. In the U.S., a corporate card can fund free software because each swipe throws off much more revenue. In LatAm, credit interchange closer to 0.8% to 0.9%, plus higher funding costs, means the card alone does not pay for rewards, software, fraud, and float. That is why Kapital built around lending, paid software, wires, and treasury workflows instead of cards alone.

• Kapital makes this explicit in its revenue mix. About 60% of revenue comes from interest income, and 40% comes from tech revenue like SaaS subscriptions, wires, ACH, interchange, and prepaid funding fees. That mix shows the card is one monetization stream inside a broader operating system for SMB finance, not the whole engine.
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• The product difference follows the economics. U.S. players like Ramp started from card spend, then expanded into bill pay and procurement. Kapital starts with the operating account and the invoice flow, then layers cards on top, because most company spend in LatAm sits outside the card and e-invoicing gives direct visibility into payables and receivables.
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• This is also why point solutions are weaker in LatAm. If a company only manages card expense, it only sees a small slice of spend. A bundled provider that handles accounts, vendor payments, collections, payroll, and working capital can capture more transactions, more software fees, and more lending opportunities from the same customer.
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The winners in LatAm B2B fintech are likely to look less like single product card startups and more like finance back offices with embedded banking. As these platforms add treasury, cross border payments, payroll, and AI workflows, the gap versus pure card players should widen because every added module raises retention and creates another revenue stream beyond interchange.