Mexican fintech Kapital plans IPO within three years, CEO says

Mexican financial technology firm Kapital could pursue an initial public offering (IPO) within the next three years, Chief Executive Rene Saul said on Thursday.

"In the next three years we would be looking for the IPO," he said at a press conference, adding that he would favor a dual listing in the U.S. and Mexico.

Kapital reached a valuation of more than $1 billion last month, achieving so-called "unicorn" status after a new funding round and a string of acquisitions in more traditional banking.


In August, Kapital said it would acquire the brokerage, asset management and operational banking businesses of Mexican financial group Intercam.

Intercam was among firms targeted by U.S. sanctions in June on "primary money laundering concerns."