4 days ago
Kiwi raises $7.8 million for serving credit to underbanked Latinos
Kiwi, a fintech company building AI-powered financial tools for underbanked Latinos in the U.S., today announced a $7.8 million Series A equity round.
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The round was co-led by LIP Ventures and Advent-Morro Equity Partners, with participation from Morro Ventures, Independent Capital, Neer Venture Partners, Invariantes Fund, and others. This brings Kiwi's total equity raised to over $15 million.
Founded in 2020 by Mariano Sanz and Alexander Schachter, both originally from the Dominican Republic, Kiwi was born from a clear mission: to expand credit access for underserved Latino communities across the United States. Since their launch, the platform has serviced more than 100,000 users, many of whom are building credit histories and accessing formal financial services for the first time.
Kiwi experienced over 300% revenue growth in 2024, maintaining profitability as demand accelerated across key Hispanic markets in the U.S. The Series A funding will further accelerate national expansion, deepen their AI capabilities, and support new products tailored to everyday financial needs.
Kiwi was designed to meet the unique needs of Latino immigrants and U.S.-born Latinos underserved by the formal financial system. Its product strategy reflects how these communities manage money in real life: from accessing credit to saving, spending, and staying financially connected. Kiwi's approach follows a proven path seen in emerging markets: solve for credit, build trust, and expand into services that drive long-term impact.
The company's proprietary AI models power the full credit lifecycle, from underwriting and fraud prevention to servicing and compliance. This enables a level of automation and personalization rarely seen in the segment. These tools allow Kiwi to deliver a high-touch customer experience with lower risk and greater efficiency than traditional lenders.
'Access to credit is often the biggest barrier for our customers,' said co-founder and CEO Mariano Sanz. 'When you solve that first, you earn the long-term relationship. Our customers don't want just another app. They want someone who sees them, understands them, and helps them thrive in a market where they've been historically overlooked. That's what we're building.'
Latinos make up nearly 20% of the U.S. population and contribute more than $4 trillion to the economy annually, yet they remain vastly underserved by the mainstream financial industry. Kiwi is growing their platform specifically for this community, backed by real traction, a committed user base, and a technology that's built to scale trust.
Kiwi is a graduate of Parallel18, one of Latin America's leading international startup accelerators, was part of Orlando Bravo's the Bravo Family Foundation, and a 2024 finalist for EY's Entrepreneur of the Year. The company's prior funding included participation from Advent-Morro Equity Partners, Independent Capital, and Altio Capital, and was supported by i80 Group on a $75 million credit facility.
