Kapital seeks banking license in Colombia to expand operations

Mexican financial group Kapital is advancing its international expansion by seeking approval to operate as a bank in Colombia. Having entered the Colombian market in December 2022, the group has obtained initial approvals that would allow it to offer a broader range of financial services, including savings and credit, specifically targeting small and medium-sized enterprises (SMEs).

CEO René Saúl stated that the strategy involves capturing deposits to fuel growth. This expansion follows Kapital’s acquisition of Woz, a Silicon Valley-based artificial intelligence startup backed by Y Combinator, in a deal valued at approximately $30 million. The company intends to integrate AI technology to provide SMEs with better financial visibility and agility.