Tenpo raises CLP 26.25B, builds board for Chile's first neobank launch
What's the deal? Chilean fintech Tenpo has raised 26.25 billion Chilean pesos (roughly $28.3 million) in a late-stage round led by parent company Credicorp, and expanded its board as it prepares to launch Tenpo Bank in 2026. The capital injection, finalized on June 26, lifted the company's total capital to about CLP 142 billion.
Why now? Tenpo secured approval from Chile's Financial Market Commission (Comisión para el Mercado Financiero) in January 2026, making it the first institution in the country licensed to operate as a fully remote bank. The fresh capital provides the balance-sheet foundation to meet regulatory requirements ahead of a soft launch to a limited group of clients.
What's the endgame? Tenpo plans to convert its base of more than 2.6 million existing customers — including 300,000 credit card holders — into full banking clients offering checking accounts, consumer loans, and term deposits. Chief executive officer Fernando ArayaDealroom has a profile for this one. Try Dealroom → said a majority of customers have already approved transferring their operations to the new bank.
The board: Tenpo Bank expanded its board from five to nine members, adding independent directors including Ignacio Briones, Chile's former finance minister; María Hanoi, formerly of Google and ScotiabankDealroom has a profile for this one. Try Dealroom →; and Raimundo MoralesDealroom has a profile for this one. Try Dealroom →, chief executive of Peru's digital wallet YapeDealroom has a profile for this one. Try Dealroom →. Four Credicorp representatives join the board, while Araya remains as chief executive to ensure continuity.
What could go wrong? The launch begins with a soft-launch phase to test systems before a wider rollout, and Tenpo must now compete with entrenched incumbents under the same regulatory standards it once operated outside. It is also applying for membership in the Association of Banks and Financial Institutions to integrate into the national financial system.
The signal: The raise sits around the 33rd percentile for deal size, modest by global standards but notable as the capital foundation for Chile's first fully remote bank. Tenpo's shift from digital wallet to regulated lender reflects a broader Latin American trend of scaled fintechs evolving into licensed institutions to expand credit and deposit services.
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Image credit: Generated with Gemini
