Fintech Kapital becomes Mexico’s latest unicorn with $1.3 billion valuation

Mexican financial technology firm Kapital reached coveted “unicorn” status on Tuesday after its valuation topped $1 billion with a fresh funding round, following several high-profile purchases of more traditional banking operations.

Kapital closed a funding round led by Tribe Capital and Pelion Ventures, giving it access to up to $100 million, it said in a statement, with its total valuation topping $1.3 billion.

The company, headquartered in Mexico but incorporated in Delaware, also operates in Colombia.

The latest funding brings Kapital into the ranks…