Migrante
“Can a vertically-integrated lender to Latin American migrants and gig workers build a financial-services franchise around vehicle-as-collateral credit?”
Founded2018
HQSantiago, Chile
FoundersIgnacio Canals, Diego Fleischmann, Benjamin Izikson
Total raised$30M equity + $80M debt facility (as of 2022)
Latest roundSeries A, 2022
IndustryFintech / Lending
The story
Founded 2018 in Chile by Canals, Fleischmann and Izikson to provide credit and durable goods (vehicles, motorbikes, phones) to Venezuelan migrants locked out of traditional banking in the Andes region. Pivoted toward gig-economy financing — leasing motorcycles and cars used as work tools for delivery and ride-hail workers. By 2022 had raised $30M Series A from Kayyak Ventures plus an $80M debt facility, expanding into Mexico and Colombia. Operates a consumer-facing brand 'Galgo' in Santiago, Lima and CDMX; legal entity in Chile is Liquitech SpA.
Last 12 months
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Product timeline
2018
Founded as Migrante MVP to provide financial access to Venezuelan migrants in the Andes region· pivot
2022
Raised $30M Series A + $80M debt facility; expanded vehicle/motorcycle leasing for gig workers· lending
2022
Expanded into Colombia and Mexico from Chile/Peru base· pivot
2023
IDB Lab loan up to $1.5M to support migrant financial inclusion in Chile and Peru· lending
2024
Rebranded consumer-facing brand to Galgo (Santiago, Lima, CDMX offices)· pivot
The stack
1 layer disclosed in Migrante’s embedded-finance stack
Lending
Vehicle financing (cars and motorcycles for gig workers)Mobile phone financingHousing rental guaranteesCredits for revalidation/homologation of professional degreesConsumer credit for home equipmentBanking for entrepreneurs (gig-economy productive-asset credit)
Accounting gap: none