Last week’s announcement of a $1 billion Series D funding round by process mining leader Celonis puts the fintech in a league of its own, taking the company’s post-money valuation to more than $11 billion.

“We are a high-growth company with a huge addressable market opportunity that we are going after,” Dave Peterson, chief marketing officer for the Munich and New York City-based Celonis, told Bank Automation News. The fintech plans to use the funds to expand the new execution management category of software it introduced last year, as well as implementing product innovation, services and support, and deepening partnerships with customers and partners worldwide.

The fintech currently has about 50% of the process mining market and that fact, in addition to the recent funding round, positions Celonis to dominate this emerging sector of fintech, Ronak Doshi, vice president at research and consulting firm Everest Group, told BAN.

Process mining automation lets banks discover, monitor and better understand operational processes already contained in event logs and workflow management systems. Celonis “hasn’t done a lot of market evangelization,” Doshi said, adding that many IT and operations leaders aren’t aware of the company and the value of process mining. Marketing and sales will be a focus of the investment, in addition to acquisition opportunities, he believes.

Peterson revealed to BAN that Celonis is looking to go public at some point, but there are “no specific IPO plans to share.” He added, “Right now, we are focused on serving our customers and growing the business. We are fortunate to have so much continued private investor interest and are excited about how we are going to use this new round to accelerate our plans.”

The fintech last week welcomed a notable new hire for chief financial officer: Carlos Kirjner, a former Wall Street analyst and vice president of finance at Google. In April, Celonis announced a partnership with IBM Global Business Services and Red Hat.

Co-leading the latest fundraise for Celonis were new investors Durable Capital Partners LP and funds and accounts advised by T. Rowe Price Associates.

Latin American fintechs draw VC cash

While process mining is piquing investor interest, there is also a focus on Latin American fintechs. Doshi told BAN that the current digital transformation in the region is helping drive significant investor dollars to companies that operate there.

Last week, Belvo, a Mexico City-based open-banking fintech platform, announced in a blog post it had raised $43 million in a Series A round from Future Positive, Kibo Ventures and FJ Labs, as well as Sebastian Mejia, president of online delivery service app Rappi; Harsh Sinha, chief technology officer of money transfer service Wise; and former investors, including David Velez, founder and chief executive of Nubank, a Brazil-based digital bank. Belvo’s valuation was not disclosed.

The new fundraising round represents the largest-ever Series A for a fintech company in Latin America, Belvo said in a statement “The new funds will help Belvo scale its product offering, continue expanding its geographic footprint, and double its headcount — hiring more than 50 engineers in Mexico and Brazil by the end of the year,” the company noted.

Elsewhere in the region, payments platform provider Kushki, based in Quito, Ecuador, last week announced an $86 million Series B capital raise. The fintech noted in a statement that it now has “a valuation of approximately $600 million, the highest figure of its kind for a venture-backed financing in Latin American history.” SoftBank Latin America Fund participated in the fintech’s latest round.

Oscar Quevedo, chief marketing officer at Kushki, told BAN that the company sees a substantial business opportunity in the region, given the legacy systems, as well as “fragmented and unstandardized” nature of moving money in Latin America. He added, “Throughout our five years of life, we have shown that it was a good bet and that the investment funds continue to believe in our vision.”

Kushki is currently adding 200 new software engineers, Quevedo told BAN. The fintech also plans to devote the funding to adding new clients and developing new markets in Brazil and Central America, in addition to consolidating enterprise capabilities and product offerings.

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