The Bogota, Colombia based factoring analytics startup has teamed up with BTG Pactual, Latin America's largest financial institution, in a $200m venture deal.
For Portal Finance, the deal with BTG caps a meteoric rise, which has seen the company raise $1.5 million at a $60 million valuation and move from a small $5 million lending pilot to a $200 million deal in the span of two years. “A year ago we were four guys in a closet. Now we’re 70 people,” says Diego Caicedo, the company’s chief executive and co-founder. The company’s success is a testament to the changing fortunes of many Latin American economies and the role that venture capital is playing. For the last several years Colombia’s economic fortunes have been rising since the successful conclusion of peace talks with the country’s largest rebel group, the Revolutionary Armed Forces of Colombia, brought an end to 50 years of civil war.