The headline news is simple enough: Mexico City–based Kapital says it has doubled its valuation to $1.3bn on an up-to-$100m Series C, and it is already profitable. But the more interesting story is how a self-described “AI bank” is knitting together software, a hard-won banking licence and a string of acquisitions in a still-concentrated financial system—and what that means for risk, returns and regulation.
What just happened
Kapital closed a new round led by Tribe Capital and co-led by Pelion Ventures, with participation from Y Combinator, Marbruck Ventures and True Arrow.
