Small businesses in Latin America got another boost in lending support with a $4 million investment in Cala, a Colombia-based company that builds fintech infrastructure for lending.
The company, co-founded in 2022 by Manuel Alemán, Rodolfo Lazo, and Paul Cattolica, is developing a vertical SaaS product for organizations, such as banks and credit unions, that want to launch and operate their own credit products.
Aleman, who has a background in microfinance, explained that a lack of inclusion and access to capital in Latin America is causing loan penetration rates to be low, in the low double digits in many cases.
“We’re turning any lender into a FinTech lender,” Alleman told TechCrunch. “Our goal is to increase financial inclusion in Latin America and enable small banks and credit unions to serve underserved markets.”
Cala lending dashboard Image credits: Calla
Kala was officially launched in July 2022 and within the first six months had three customers, two in Colombia and one in Mexico, using the product and distributing it to more than 50,000 customers. Alleman said that Kala charges for SaaS and is already bringing in revenue.
Now with an influx of capital, the company is joining other fintech companies – for example, Kredito, Mono and Marco Financial – providing avenues for companies to obtain credit.
The new funding, which closed in December, brings the company’s total funding to $6 million. It was led by Cometa and current investors included Canary, Acrew, Clocktower and 99 Startups.
The company currently has 28 employees and will apply the capital to expand its products, technology, customer acquisition and customer support teams. Kalla will also continue to focus on Colombia and Mexico this year.
“It’s an ideal time for Kala because banks understand how difficult it is to start a credit product,” Alleman said. “We can do this in weeks, not years, and aim to become the benchmark for FinTech lending in Latin America.”
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