INFOGRAPHIC: LatAm's Top Weekly Startup Funding — Week 16, 2025
In this week's funding deals, we tracked Kavak, Toku, Onfly, Altis, and Nufi in the LatAm region.
It was a dynamic week for startup funding in Latin America, with capital flowing into mobility, fintech, travel, and identity verification. From used car platforms to billing automation and embedded lending, startups are attracting investors with tailored tech solutions that address inefficiencies across key industries.
Mexican used car platform Kavak led the region’s funding activity, securing $127 million in equity at a $2.2 billion valuation, down significantly from its $8.7 billion peak in 2021. The round, co-led by SoftBank and General Atlantic, closed in March and was complemented by a $400 million debt facility from Goldman Sachs and HSBC. Kavak, which operates an integrated platform for buying, selling, and financing used cars, will channel the funds into its lending arm, Kuna Capital, core operations in Mexico, and a potential IPO in the next three to five years. The company reports a 60% increase in monthly volume and says it’s on track to reach profitability across all markets by the end of 2025.
In Mexico’s fintech sector, Toku raised $48 million in a Series A extension round led by Oak HC/FT, with backing from Gradient Ventures, F-Prime Capital, Clocktower, Y Combinator, and Honey Island. The funding follows a $9.3 million Series A in April 2024, bringing Toku’s total raised to $55 million. The platform streamlines collections and payments by integrating with ERP systems and automating communication across channels like SMS and WhatsApp. Toku, which doubled revenue and tripled payment volume last year, plans to scale across Mexico, Brazil, and Chile.
Brazilian travel and expense management startup Onfly secured $40 million in a Series B round led by Tidemark, with support from Endeavor Catalyst and Left Lane Capital. Onfly offers corporate clients a centralised platform for booking and managing travel, backed by an integrated card for expense tracking. With 110% annual growth over the past four years, the startup will use the funding to expand internationally and build AI-powered features.
Embedded lending also saw movement with Brazil-based Altis, which raised $2.6 million in equity and debt. Backed by Magma Partners and Latitud, Altis allows car dealerships to offer integrated credit solutions to buyers. Founded in 2024, the company has originated $860,000 in credit and partners with over 80 dealerships. The fresh funds will boost its lending capacity with a goal of issuing over $10 million in credit by 2025.
Rounding out the week, Mexican identity verification startup Nufi raised $1.5 million in seed funding led by Magma Partners and GPCompas, with participation from Techstars Follow Up Fund, Ganas Ventures, AngelHub, and others. Nufi enables instant ID checks and background verification for both individuals and companies using just a photo ID. The funds will support tech development and national expansion as Nufi looks to shorten onboarding times and enhance fraud detection.
These investments reflect the growing maturity of Latin America’s digital ecosystem, where startups are honing in on vertical-specific pain points and gaining traction with enterprise clients. Whether it’s enabling digital car sales, automating finance, or verifying identity in minutes, these ventures are laying the groundwork for deeper digital transformation across the region.
