Chilean financial technology company FINTUAL plans to launch operations in Mexico next year, Diario Financiero reported, citing the company's founding partners.
Fintual, which is engaged in fund management, is looking to purchase a company that already has a license in Mexico, according to Omar Larré, one of the company's founders. A transaction like this would allow Fintual to shorten the waiting period for regulatory approval, which tends to be slower in Mexico compared to Chile, Larré added.
There is no legal entity in Mexico identical to what is known as a general fund administrator, or AGF, in Chile, Fintual cofounder Andrés Marinkovic noted.
The Chilean startup intends to arrange a $10 million disbursement, which will be privately financed, to support its planned buyout. The company's founding partners are looking to raise at least $4 million of capital during their trip to Silicon Valley this month.
Established in 2017, Fintual expects to end this year with $50 million of managed assets, the founders said. The company also seeks to eventually become a retail sector-focused investment bank, with the goal of democratizing access to financial products and services. The issuance of cards and insurance could also be on the horizon.