Mexico-based fintech Kapital has received preliminary approval from Colombian authorities to operate as a bank in the country.
Mexico-based fintech Kapital has received preliminary approval from Colombia’s financial authorities to begin banking operations in the country, a step that would allow it to take deposits. Kapital entered Colombia in 2022 by offering business credit and still needs one final approval before launching full banking services. Once authorised, it would be able to offer companies savings and credit products, extending their cash and liquidity options. Kapital already holds a banking licence in Mexico.
Deposits and AI expansion
René Saúl, CEO of Kapital, stated in an interview that the company follows the same strategy in every market, based on taking deposits and using them to fund its lending. Founded in Mexico City in 2020 by Saúl and CFO Fernando Sandoval, Kapital provides banking services to SMEs and larger companies, unlike Mexican peers such as Nu, Mercado Pago, and Plata, which focus more on retail customers. The company serves about 350,000 clients and is valued at USD 2 billion.
Kapital has also acquired Woz, a Y Combinator-backed AI startup based in the US, in a USD 30 million cash and stock deal. The acquisition adds a team of around 25 developers and supports Kapital’s AI plans in its priority markets, including Mexico and the US, with the company planning to grow its US team over the next year. The deal follows a USD 125 million equity and debt raise in September 2026, with the funds intended to develop Kapital’s AI platform and finance its expansion in Mexico and abroad.
Preparing for a potential IPO
Kapital has appointed legal counsel and begun talks with banks as it evaluates a potential initial public offering. According to Saúl, the business is on a solid footing but needs more time and faster growth to reach the scale required for a listing, and he expects the company to be on track for an IPO within the next couple of years.
A banking licence in Colombia would give Kapital access to local deposits as a funding source outside Mexico, in line with the deposit-led model Saúl described. Together with the investment in AI capabilities, the expansion forms part of the growth Kapital says it needs before it can pursue a public listing.
