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Chilean Fintech Galgo Raises USD $40M to Expand in LatAm

Chile's Galgo, secures USD $40M funding round to expand throughout Latin America.

Galgo, originally established in 2018 under the name Migrante, began as a financing solutions provider to the foreign population. Its services initially included credit for lease guarantees and professional title validation. Over the years, the company diversified its offerings, venturing into motorcycle and automobile financing.

It has since made strategic expansions into other South American markets including, Peru in 2021 followed by a strategic move into Mexico in 2022, primarily focusing on providing financing for the purchase of motorcycles via its cutting-edge digital platform.

The startup founded by Benjamin IziksonDiego Fleischmann, and Salvador Porta recently raised USD $40M. The round was led by Nazca, with participation from Grupo AutecoWIND VenturesGüil Mobility VenturesDalus CapitalKayyak VenturesFynsaBuena Vista Capital, and Amarena VC.

The company is currently focused on improving its user experience by optimizing the purchasing process, financing requests, document signing, and product delivery. Galgo plans to use these funds to further expand in Chile, Peru, Colombia, and Mexico, focusing on the latter two, which are projected to be the fastest-growing markets in the coming years.