The Chilean fintech company Galgo, led by Benjamín Izikson, Diego Fleischmann, and Salvador Porta, secured an investment round of USD $ 40 million.
This round was led by the Mexican Nazca fund, with the participation of Grupo Auteco, WIND Ventures, Güil Mobility Ventures, Dalus Capital, Kayyak Ventures, Fynsa, Buena Vista Capital, and Amarena VC.
With this investment, Galgo plans to expand in Chile, Peru, Colombia, and Mexico, replicating its successful business model.
They are mainly focused on the markets of Mexico and Colombia, as they expect them to be the leaders in short and medium-term growth, according to projections by the Chilean startup.
Initially founded in 2018 under Migrante, the company offered financing to the foreign population, providing credits to guarantee leasing and professional title validation.
Over time, they expanded their offerings to include financing for acquiring motorcycles and cars.
Three years later, they extended their operations to Peru, focusing on providing financing for the purchase of motorcycles.
In 2022, they entered the Mexican market, specifically focusing on financing for acquiring motorcycles through a digital platform.
Galgo is focused on improving and optimizing the user experience on its marketplace, implementing improvements in the purchase process, financing application, document signing, and product delivery.
Galgo describes itself as a company made for the people, prioritizing benefiting individuals who need a boost to improve their lives or work.
“Our goal is to enhance opportunities for integration and development through access to credit and financial advice,” states Galgo, the Chilean-origin startup aiming to conquer the markets of Mexico and Colombia.
Galgo offers a straightforward process for people applying for financing with the startup, requiring only their CURP, a minimum of 21 years of age, a work history of 3 months, an income of MX$5,000, and two personal references.
The Chilean fintech, which entered Peru in 2021, Mexico in 2022, and Colombia in 2023, celebrates five years of existence this month and currently has a team of 300 collaborators.
“We are working to consolidate the widest variety of motorcycle brands and models in each country, considering all categories of motorcycles, purposes, price ranges, and engine displacements,” assures Galgo.
