ScaleX: The new hope to revitalize the Chilean financial market?

ScaleX drives startups in Chile, offering a less restrictive alternative to the stock market, attracting investors, and revitalizing the financial sector.
ScaleX startup Chile
ScaleX is firmly committed to boosting startups in Chile | Photo: Special

Pampa Camarones mining company closed its registration last month on the ScaleX Santiago Venture Exchange of the Santiago Stock Exchange, Chile, taking the first step to list on the national square with the expectation of raising USD $7 million to finance its expansion.

The introduction of ScaleX could be the solution Chile has been looking for. After years of social unrest, pandemic restrictions, and debates on constitutional reform, there’s a growing appetite to see how a less stringent exchange could revitalize the Chilean market. Moreover, talks are underway to include ScaleX as an investment option for national pension funds, which are desperately seeking to increase their returns.

Douglas Cumming, a scholar at Florida Atlantic University, mentions that the rise of exchanges focused on startups, like ScaleX, provides more alternatives for access to the capital market. These exchanges, which have gained traction in countries like Canada and Spain, offer companies a less regulated path to secure financing.

With its focus outside the tech sector, Pampa Camarones promises to be the most extensive ScaleX listing. If everything goes as planned, the mining company plans to sell up to 152,000 shares on October 12.

For institutional investors, these offerings are vital. Chile’s pension fund regulator recently suggested increasing the alternative investment limit to 20% for riskier funds. Francisco Guzmán, from AFP Capital, estimates that this adjustment would free up to USD $4,500 million for local investments, potentially boosting fund returns.

Transformation via ScaleX

With or without adjustments to the limits, ScaleX is positioning itself for rapid growth. ScaleX could transform the outlook of the cautious venture capital funds in Chile. This trend is consistent throughout the region, as according to a Crunchbase study, venture capital in Latin America has declined in recent years, with a significant drop in 2023.


Pampa Camarones’ launch on ScaleX could be an indicator of the future of the exchange and the Chilean financial market as a whole. The combination of less regulation, potential inclusion in pension fund portfolios, and a market hungry for investment options could bring ScaleX into the spotlight in the coming months.

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