R2

What R2 does

R2 is a Mexico City-based embedded lending infrastructure company that provides API-first revenue-based financing to SMB merchants across Latin America. Its platform enables B2B partners — including Uber Eats, inDrive, Rappi, Mercado Libre, Clip, PayU, Klap, and Tuu — to embed working-capital loans and merchant cash advances directly inside their own applications, with credit decisions and full operations handled by R2 under the partner's brand. The company operates in five countries (Mexico, Brazil, Chile, Colombia, Peru) through locally regulated entities, including a SOFOM in Mexico, a banking correspondent arrangement with QI Tech in Brazil, and registered lending entities in each LATAM market.

R2's core technology is an AI/ML-driven underwriting engine hosted on AWS that ingests real-time platform transactional data — sales velocity, order frequency, refund behavior, customer ratings, cohort retention — to automatically generate pre-approved, dynamic credit offers ranging from $100 to $100,000+ per merchant. The platform supports sales-based (revenue-tied) repayments, pre-built SDKs for sub-month integration, built-in KYC/AML compliance (ISO 27001:2022 certified), and AI-agent-driven merchant servicing. End-to-end automation enables frictionless in-platform applications (under five minutes) and same-day funding.

R2 earns revenue primarily through interest, fees, and commissions on the credit it originates using its own capital and warehouse/debt facilities; in Brazil, revenue flows via a correspondent-banking pass-through with QI Tech. R2's headcount is reported in the 1-10 range per firmographics, though the company finances 180K+ loans and supports 100,000+ SMEs. Capital sources include a $5.9M seed (Feb 2022, General Catalyst), $15M Series A (Sept 2022, Gradient Ventures), $100M CIM warehouse facility (May 2023), $9M equity plus $50M debt (Nov 2024, Hi Ventures/Cometa/CIM), and an undisclosed strategic investment from Ant International (Oct 2025).

Name

R2

Legal name

R2 Capital Technologies MX, S.A. de C.V.

Website

https://r2.co

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

R2 is a Mexico City-based embedded lending platform that powers API-driven revenue-based financing for SMB merchants across five Latin American countries via partner integrations with Uber Eats, inDrive, Rappi, Mercado Libre, and others.

Ownership category

akta.pro rank

Product category

Embedded Lending / Embedded Finance

NAICS

Sales Financing (522220), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141), Finance Services (6199)

akta.pro primary industry

P2P Small Business / SME Marketplace Lending (FSAKAHAC)

akta.pro secondary industries

P2P Loan Servicing & Collections (Marketplace-Specific) (FSAKAHAN), P2P Credit Lines / Revolving Marketplace Lending (FSAKAHAK), P2P Loan Syndication & Participation Platforms (FSAKAHAL)

Keywords

• Embedded lending platform
• Revenue-based financing
• Merchant cash advance
• SMB working capital
• API-based lending

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Interest and fee spread on embedded lending: R2 originates digital loans (and merchant cash advances) directly to merchants using its own capital or warehouse/debt facilities, earning revenue from interest, commissions, and fees on the credit it extends. Repayment is typically a percentage of daily sales (revenue-based financing model).
2. Partner/platform economics on embedded capital: Platform partners monetize the lending experience R2 powers — earning commissions, interest spreads, or usage-based fees from credit delivered through their platforms, with R2 taking on the credit risk.
3. Correspondent-banking pass-through revenue (Brazil): In Brazil, R2 Tech Brasil acts as a correspondent bank to licensed institutions such as QI Tech SCD; revenue is derived from the credit operations originated and serviced through this partner financial institution arrangement.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels6 records

Core offering

R2 is an API-first embedded lending platform that enables digital platforms across Latin America to offer financing to their SMB merchants directly inside the partner's product. The company originates working-capital loans and merchant cash advances sized from $100 to $100,000+, uses AI/ML-driven underwriting on real-time platform transactional data, applies sales-based (revenue-tied) repayment, and fully owns KYC, compliance, liquidity, and servicing while assuming 100% of the credit risk so partner platforms carry zero balance-sheet exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• R2 Embedded Lending Platform Core API-based embedded lending infrastructure that lets digital platforms across Mexico, Brazil, Chile, Colombia, and Peru offer financing to their SMB merchants directly inside their own apps. Powers 180,000+ loans granted via pre-built APIs/SDKs, AI underwriting, sales-based repayment, and R2-owned KYC, compliance, liquidity, and credit risk.
• Revenue-Based Financing (RBF) Digital working-capital loan product sized from $100 to $100,000+ per merchant with repayments automatically deducted as a configurable percentage of daily sales on the partner platform. AI-generated, pre-approved, dynamic offers that grow as merchants' sales grow.
• Uber Eats Financing (powered by R2) Embedded restaurant financing product offered inside the Uber Eats Manager app to qualifying restaurants in Mexico and Chile. Pre-approved merchants receive same-day funding, with repayments automatically deducted as a percentage of sales and eligible restaurants receiving up to 5% of the loan amount as Uber Eats marketing credits.
• inDrive Money (powered by R2) Embedded cash-advance product for inDrive drivers offering up to COP 1,000,000 (~USD 240) with 3–5 month repayment, automatically deducted from ride earnings and capped at less than 10% per ride. Live in Mexico, Colombia, and Peru.
• Crédito de Consumo (Mexico) Mexico consumer-credit product originated directly by R2's local SOFOM entity (Parhelio S.A.P.I. de C.V. SOFOM E.N.R.) and serviced by R2 Capital Technologies MX, S.A. de C.V. Average Costo Anual Total (CAT) of 141% (excluding IVA), per regulatory disclosure; final conditions vary by client profile, credit history, and transactional data.
• Crédito Productivo (Colombia) Productive credit product in Colombia for micro, small, and medium enterprises (MiPymes) in urban and rural zones, classified under Decreto 455 de 2023. Optional Fondo de Garantías de Antioquia (FGA) credit-backstop coverage is available for selected credit lines.
• Embedded Lending (Peru)

Named customers8 records

Segments5 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability7 records

Feature7 records

Partnerships

13 partnerships are on record, tiered minor, flagship and core.

• Greenberg Traurig, LLPminorImplementation/ SI/ Consulting Partner · 7 November 2025Acted as legal counsel to R2 in connection with the strategic investment from Ant International finalized October 28, 2025.
• Ant InternationalflagshipStrategic or Co-development Partner · 28 October 2025Strategic investment finalized October 28, 2025, with capital injection plus technology sharing. Combines Ant International's AI-driven risk-management tools (SHIELD, Antom) with R2's embedded-lending platform to expand SME credit access across LATAM. Operative across Mexico, Chile, Colombia, Peru, and Brazil. Aims to address the $1 trillion LATAM SME credit gap (only 13% of demand currently met).
• Uber EatsflagshipStrategic or Co-development Partner · 21 January 2025Launched "Uber Eats Financing" powered by R2 in Mexico in January 2025, expanded to Chile in April 2025. R2 committed to pre-approve $1 billion MXN in loan offers for qualifying Uber Eats restaurants; eligible restaurants receive up to 5% of the loan amount as Uber Eats marketing credits. Loan application, approval, and same-day funding are integrated into Uber Eats Manager.
• inDriveflagshipStrategic or Co-development Partner · 30 September 2024Powers "inDrive Money", inDrive's embedded financial-services product for gig drivers. Launched Mexico (Feb 2024), Colombia (Sept 2024), Peru (Mar 2025). Offers up to COP 1,000,000 (~USD 240) per driver with 3–5 month repayment, automatically deducted from ride earnings at <10% per ride. Drivers access loans directly in the inDrive app based on real-time performance data.
• ClipflagshipStrategic or Co-development Partner · 3 February 2022R2 partnered with Clip, a leading POS provider in Mexico, to embed R2's lending infrastructure so Clip's merchant base can access working-capital financing directly through Clip's POS platform.
• RappiflagshipStrategic or Co-development PartnerRappi's logo appears in R2's homepage partner strip, indicating an embedded-financing integration for Rappi merchants/restaurants across LATAM. R2's blog repeatedly references the Rappi partnership as a flagship embedded-lending use case.
• QI Tech SCD S.A.flagshipOEM/ Whitelabel/ Licensing PartnerR2 Tech Brasil Ltda. operates as a banking correspondent (Resolução CMN 4.935/21) with QI Tech SCD S.A. (CNPJ 32.402.502/0001-35, São Paulo) as the licensed Brazilian financial institution that originates, underwrites, and issues the Cédulas de Crédito Bancário (CCBs); R2 acts as the embedded-finance front-end and second layer of KYC/compliance.
• KlapcoreStrategic or Co-development PartnerKlap's logo appears in R2's homepage partner strip, indicating an embedded-financing integration for Klap's retail/ecommerce merchants via the "Crédito Emprende" program.
• TuucoreStrategic or Co-development PartnerTuu's logo appears in R2's homepage partner strip, indicating an embedded-financing integration for Tuu's small-merchant base.
• Mercado LibreflagshipStrategic or Co-development PartnerR2's homepage partner strip displays the marketplace mark identified as Mercado Libre, indicating an embedded-financing integration for Mercado Libre sellers in LATAM.
• Cobinmex S.C.minorImplementation/ SI/ Consulting PartnerExternal collections agency authorized by R2 Mexico (RFC: COB120222I38, Tel +52 55 3841 1375). Registered with CONDUSEF's REDECO and authorized to conduct collections between 8:00 and 21:00 hours.
• Centro de Atención y Recuperación Pypper de México S.R.L. de C.V.minorImplementation/ SI/ Consulting PartnerExternal collections agency authorized by R2 Mexico (Parhelio / R2 Capital Tech MX) and registered with CONDUSEF's REDECO.
• Arana, Ramos y Asociados S.C.minorImplementation/ SI/ Consulting PartnerExternal collections agency authorized by R2 Mexico (RFC: ARA2305156D5, Tel +52 33 35990142, grupodeal.mx). Registered with CONDUSEF's REDECO.

Scale indicators15 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Konfío: Mexico-based SMB lending platform serving small and mid-sized businesses with working capital and credit products. Directly comparable to R2's core SMB embedded-lending proposition and the most direct Mexican competitor in the SME credit gap R2 targets.
• Kueski: Mexico's largest online consumer and SMB lender, offering credit lines and point-of-sale financing via APIs to merchants and platforms. Overlaps with R2 on Mexico consumer credit and merchant cash advances, and competes for similar B2B platform integrations.
• Addi: LATAM BNPL and merchant financing platform with operations in Colombia, Brazil, and Mexico. Comparable to R2 on embedded merchant financing for marketplaces and retailers, and competes for similar B2B platform partnerships across the Andean region.

Broad incumbents

• Creditas: Brazil's largest consumer/SMB secured-lending fintech (home equity, auto, payroll). Comparable to R2's Brazil operations through QI Tech correspondent in terms of end-borrower segment (LATAM SMB/consumer), though Creditas operates a direct, balance-sheet-heavy model rather than embedded.
• Mercado Pago: Mercado Libre's payments and credit arm — the largest marketplace-embedded credit provider in LATAM. Competes with R2 for embedded SMB lending on Mercado Libre's seller base (where R2 is also referenced as a partner) and across other LATAM marketplaces.

Emerging players

• Stori: Mexico-based credit-card fintech serving underbanked consumers and small merchants. Comparable to R2 on Mexico consumer/SMB credit and shared target borrower profile, though Stori primarily distributes directly rather than via embedded APIs.
• Clara: Mexico-focused corporate credit-card and spend-management platform extending SMB credit. Comparable to R2 on Mexico SMB working-capital lending and competes for similar B2B platform integrations, though Clara focuses on corporate cards versus R2's revenue-based financing.
• a55: Brazilian fintech providing embedded credit and banking-as-a-service infrastructure to SMBs and platforms. Comparable to R2 on the embedded-lending-as-a-service proposition in Brazil and competes for similar platform partnerships.

Others

• Belvo: LATAM open-finance API platform enabling bank-data connectivity for lenders and fintechs. Adjacent to R2 as a likely infrastructure layer in the LATAM lending stack rather than a direct competitor; Belvo's data could also feed R2's underwriting models.

Regional players

• Tribanco: Brazilian bank-owned SMB embedded-credit provider offering working capital to retailers and small merchants via point-of-sale integrations. Comparable to R2's Brazil operations through QI Tech in SMB merchant financing, though Tribanco is limited to Brazil.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/r2_capital
• Facebookfacebook.com/r2cap
• LinkedInlinkedin.com/company/r2-cap

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about R2