Kapital gets first green light to offer banking in Colombia, adds AI firepower with Woz deal

Colombian regulators have granted Kapital initial approvals to launch banking operations, bringing the company closer to offering deposit accounts after entering the market with business lending services in 2022. One final approval is required before the full launch of its services.

Kapital has acquired California-based AI startup Woz for $30 million in cash and stock, bringing on approximately 25 developers to support its expansion in Mexico and the United States.