Why We Invested in Kamino
By Jonathan Whittle and Michel Zaidler
At Quona Capital, we believe some of the most transformative disruptions will come from entrepreneurs building the essential infrastructure for economic growth. In particular, we are keen to back teams addressing the needs of small and mid-sized companies, which are critical to fostering prosperity and employment but are chronically underserved. That is why we backed Kamino early in its journey and why we are deepening our commitment in the company’s Series A. Kamino is redefining how mid-sized companies in Latin America manage their finances, unifying all financial data in real time as the system of record, delivering automation, intelligence, and access to AI-powered financial tools for this key segment of the economy.
Bringing Modern Finance to Mid-Sized Companies
Latin America’s first wave of fintech disruption was dominated by consumer-facing players like Nubank, Creditas, and Neon (both Quona portfolio companies). In contrast, the B2B space — especially mid-sized companies — remains overlooked. These firms, despite their economic importance, struggle with fragmented banking relationships, manual payment processes, and outdated ERP systems bogged down by error-prone data entry. The result is poor visibility into cash flow and restricted access to financial tools. This stands in stark contrast to the U.S., where players such as Bill.com, Ramp, and Brex have reached massive scale solving similar problems, as well as emerging AI-native ERPs like Rillet and CampFire that are redefining the category altogether.
With an initial focus on Brazil, Kamino addresses this structural gap with an integrated financial operations platform. It automates payables and receivables, centralizes cash management across multiple banks, and embeds payments and spend management in a unified workflow. For finance teams long reliant on spreadsheets or legacy ERPs, Kamino provides a step-change in efficiency, intelligence and control. Just as importantly, by being “in the flow” of payments, it captures unique transactional data and establishes repayment priority — laying the groundwork to smartly expand into credit distribution and embedded financial services.
The Right Team for the Right Job
Rather than starting with credit-first products, Kamino is building a robust, multi-product platform anchored in software differentiation with embedded financial services.
Kamino has shown the discipline required to scale in a complex market, acquiring more than 2,400 client entities and billions of payment volume with a repeatable go-to-market model and a sticky product.
Behind this execution is a founding team with an exceptional founder–market fit. Gonzalo Parejo, Guto Fragoso, Rodrigo Perenha, Benjamin Gleason and Juliana Strohl are a team with highly complementary skills building Kamino to address the challenges they’ve experienced firsthand as entrepreneurs and as CFOs, drawing from deep fintech and technology expertise honed at some of Latam’s most emblematic tech companies. This mix of technical depth, operational experience and ecosystem credibility gives us great confidence in their ability to build a leadership position.
Looking Ahead: AI and the Future of the CFO Stack
AI is poised to transform the entire CFO tech stack. However, realizing AI’s full potential in finance requires real-time access to structured and comprehensive financial data — something only achievable through ownership of the financial workflow and system of record. We believe Kamino is well positioned to deliver on this vision.
With this new financing, Kamino will accelerate its roadmap to evolve the CFO stack from a system of record into a system of action — where finance not only reports but also predicts and acts. The company is building AI-driven modules for predictive cash flow, performance analytics, and intelligent decision-making, giving finance leaders tools that anticipate challenges, recommend actions, and drive growth.
We see in Kamino a rare combination: a massive underserved market, a differentiated product addressing an acute pain point, and a team with the vision and execution capability to deliver on an ambitious roadmap. That is why we are proud to continue supporting Kamino on its journey to become a category-defining company in Latin America’s B2B fintech landscape.
Disclaimer: Quona portfolio companies were selected for profiles based on objective, non-performance-based criteria for the purpose of illustrating the types of investments made by Quona funds and their impacts. These profiles are being provided for illustrative purposes only, in order to provide examples of the idea generation, research, and thought process of Quona investment teams. No representation is made as to whether or if the investment ideas represented in these profiles have been or will be profitable. It should not be assumed that Quona will be able to identify similar investment opportunities in the future, or that any such opportunities will be profitable. The above statements include the opinions of the Firm and are for illustrative purposes only. There is no assurance that any trends depicted or objectives described in Quona profiles will continue or become successful.
