Introduction to Kapital’s Rapid Growth
In a short span of two years, Kapital has transformed from a fintech company to a comprehensive Mexican financial group following its recent acquisition of Intercam’s businesses. Intercam, previously flagged by the US Treasury Department for alleged money laundering, was compelled to divest its assets and liabilities. Earlier in 2023, Kapital acquired what was then Banco Autofin.
Intercam’s Integration into Kapital
As of Monday, Intercam’s internet site now redirects to Kapital’s website, and social media platforms display Kapital’s branding. René Saúl, CEO and co-founder of Kapital Bank, explained in an interview with El Economista that Kapital will now be known as Grupo Financiero Kapital, encompassing the bank, fund operator, and recently acquired Intercam’s assets.
- What aspects of Intercam’s business did Kapital not acquire? – Practically all of it.
- How many branches will Kapital have now? – 80, including those from Autofin and Intercam.
The process to acquire Intercam’s businesses began approximately two months after the US Treasury Department’s allegations, with three other bidders involved. Saúl highlighted that both institutions focus on small and medium enterprises (SMEs) and corporate clients.
“They were the bank for nearshoring, and we at Kapital are establishing ourselves as the SME bank,” he said.
He further mentioned that the acquisition process was supervised by Mexico’s Secretariat of Tax and Public Credit, the Bank of Mexico, and the Bancaria Commission, working alongside representatives from the US Treasury Department.
Gradual Integration and Investment
In a statement released on Monday, Kapital emphasized that both entities will proceed with a gradual, transparent integration focused on people, preserving operational continuity.
Saúl added that Intercam employees will now join Kapital, and $100 million will be invested to strengthen Intercam’s operations, enhance financial stability, and ensure compliance with client and investor obligations.
Consolidation in the Business Sector
Kapital’s director stated that as a financial group, they will continue to consolidate their position not only in SMEs but also among other businesses.
“Plan Mexico calls for 30% of companies to have access to capital. We’ve been the only bank genuinely focused on SMEs, as our industry confirms. So, I believe we will continue to consolidate,” he explained.
The Leap in Two Years
Kapital’s origins trace back to 2012, when they provided agricultural financing. In 2019, they pivoted to become a fintech specializing in business services. In August 2023, they invested in then Banco Autofin, which is now fully owned by Kapital and has recovered financially.
Two years after this last transaction, Kapital has made a significant leap to become a financial group following the Intercam acquisition, thus gaining substantial weight within the financial system.
