Chilean-based personal financial management platform Destacame announced today that it has closed a $3 million Series A round of funding from Fen Ventures and existing investors Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion, and Mountain Nazca. The funds will help Destacame scale its operations in Mexico, reinforce its leading position in Chile, and continue developing its suite of financial products.
Launched in 2015, Destacame offers a suite of products that allow consumers to thoroughly manage their financial life, including past-due debt repayment, graduating loans to help borrowers build or improve their credit history, consumer loans, credit cards, and free financial health tools. It couples these financial products with an alternative credit score based on alternative data and an individual’s payment behavior, including utility and other bill payments, to determine a consumer’s creditworthiness. The company collaborates with more than 25 financial institutions to deliver these financial products through its platform. Destacame focuses on reducing the cost of the financial system while empowering underserved individuals to build their financial capabilities and ultimately access better quality financial products through an intuitive and simple platform.