With an aim to provide financial access to the underserved segments of the population Chilean fintech firm Galgo, founded by Benjamín Izikson, Diego Fleischmann, and Salvador Porta, has successfully raised $40 million in investment.
This funding round, which was led by Mexico's Nazca fund and saw participation from esteemed investors such as Grupo Auteco, WIND Ventures, Güil Mobility Ventures, Dalus Capital, Kayyak Ventures, Fynsa, Buena Vista Capital, and Amarena VC, will fuel Galgo's quest to expand its financial services footprint across Latin America.
The latest funding round follows an impressive $80 million debt financing in March 2022. To date, Galgo has raised a total of $153 million in funding over 6 rounds.
Galgo, originally established in 2018 under the moniker Migrante, began as a financing solutions provider to the foreign population. Its services initially included credit for lease guarantees and professional title validation. Over the years, the company diversified its offerings, venturing into motorcycle and automobile financing.
It has since made strategic expansions into other South American markets including, Peru in 2021 followed by a strategic move into Mexico in 2022, primarily focusing on providing financing for the purchase of motorcycles via its cutting-edge digital platform.
As of today, Galgo is looking to improve and optimize the user experience in its marketplace, in addition to incorporating improvements in the purchase process, the financing request, signing documents and delivering products.
With this substantial $40 million investment, Galgo aims to replicate its successful financial inclusion model in regions across Latin America such as Chile, Peru, Colombia, and Mexico.