During a recent visit to Chile, Sebastián Kreis, CEO of fintech company Xepelin, discussed the firm's significant growth and future initiatives focused on financial services for SMEs. Founded in 2019, Xepelin has rapidly expanded its operations in Mexico, which now accounts for approximately 60% of its business.
Kreis attributed the faster growth in Mexico to a larger market and heightened demand, emphasizing that a successful model in multiple countries indicates potential for further expansion.
The company aims to enhance private debt solutions in Mexico, a sector that was previously underdeveloped. Xepelin has introduced new products, including a 'payments and collections management' tool, set to launch in 2024, along with an 'ecosystem management' solution.
On the prospect of becoming a digital bank, Kreis noted that many existing customers have improved cash flow since using Xepelin's services. Plans are underway to initiate this project in Mexico before expanding to Chile.
In terms of future funding, Kreis mentioned that they are seeking partners for specific projects and are considering an initial public offering as the company grows. He highlighted the disparity in technology company listings between the U.S. and Latin America, suggesting a potential shift in the market as fintech companies evolve.
Looking ahead to 2025, Kreis acknowledged the fintech sector's progress but noted that Latin America still has significant ground to cover in terms of regulation and industry development.
Regarding open finance, he expressed concerns about the slow implementation of regulations in Chile, urging quicker action to benefit consumers.