- Chilean fintech Radar raised $1.5 million in a seed round to expand its treasury management solutions in Mexico.
- In 2023, Radar processed over 3 million payments, equivalent to $400 million, and opened operations in Mexico.
- The startup plans to use the funds to achieve profitability, prepare for a Series A round in 18 months, and grow its engineering team.
Radar, a Chilean fintech founded by Herbert Schulz, Gabriel Vilaboa, and Rafael Martínez in 2022, has closed a $1.5 million seed round led by The Fintech Fund, Everywhere Ventures, Startup Istanbul, Rhombuz VC, and Cristóbal Forno, co-founder of Global66.
The company aims to improve treasury management for businesses by providing technological solutions for payment reconciliation, cash flow projection, and mass payment processing.
Schulz, who has been an entrepreneur in the fintech world for over 15 years, described the funding as a “strategic round” to reach the next milestone: raising a Series A in 18 months.
The new resources will focus on achieving profitability, meeting the necessary metrics for the Series A, and aggressively growing the engineering team in Chile and Mexico.
Radar entered the Mexican market with its bank reconciliation solution and already has a portfolio of 19 clients across Chile and Mexico. Schulz commented that Mexico, in many aspects, resembles Chile in the late 1990s, presenting a tremendous opportunity for the startup.
Looking ahead, Radar plans to add another technological layer to its treasury suite in the second half of 2024, integrating artificial intelligence to automate processes within its products. The fintech expects to triple its sales in 2023 compared to the previous year.
