Kushki becomes Ecuador’s first unicorn

The paytech company that connects Latin America through digital payments had the backing of old and new investors, including Kaszek Ventures, Clocktower Ventures, SoftBank Latin America Fund and DILA Capital, among others, reaching a total raised in the combined Series B to $186 million.

Aron Schwarzkopf, CEO and co-founder of Kushki, explained in a statement that this latest investment comes after a year in which the startup reported a 200% growth in 2021.

"Reaching this milestone in times of economic uncertainty is evidence of the quality and resilience of our entire team and the enormous Latin American talent that exists in the region," he said.

The platform helps businesses throughout the region reduce the cost and complexity of online payments while improving acceptance rates and reducing fraud.

The company currently employs 750 people, operates in five countries and uses local teams to deliver customized solutions to customers in each country.

The new funds will be used to accelerate Kushki's evolution into a modern payments infrastructure for all of Latin America, facilitating digital payment transactions of any category, regardless of country, the company said.

This infrastructure will play a key role in accelerating digital transformation and economic growth in the region by enabling businesses to grow faster online to drive consumer adoption of digital payments, it added.

Hernan Kazah, founding partner of Kaszek, an investor in Kushki since early 2020, said that, with this investment, the startup begins a new stage of growth and consolidation.

"In recent years, Kushki has demonstrated an outstanding ability to execute and attract the best clients and talent in the region. We believe it is just beginning its mission to connect Latin America with efficient digital payments," Kazah said.