Kambista, a Peruvian fintech company, has maintained a low profile for the past 18 months, a period marked by frequent announcements of funding rounds, new ventures, and expansions among its competitors. The company publicly announced the departure of its CEO, Daniel Bonifaz, in January 2025, but has now officially named his successor: Fernando Ruiz, co-founder of the fintech and Kambista’s new General Manager since March of last year.
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Now a year into his role, Ruiz is taking a more public stance as the Peruvian financial system prepares for regulatory changes that could reshape the fintech landscape. These changes include open finance and a new architecture for payment systems within the country.
“We’ve been working quietly, focusing on internal development,” Ruiz said. “I believe 2025 and 2026 will be pivotal years for the fintech sector in Peru.”
Daniel Bonifaz, e CEO de Kambista, se mantiene en la fintech como socio. (Foto: Peru.com)
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Regional Expansion Plans
Kambista first explored regional expansion in 2019, evaluating a potential entry into Argentina. However, those plans were put on hold due to the political and regulatory volatility in the country. Further exploration of markets like Chile likewise stalled, with internationalization efforts paused, according to Ruiz.
Over the past year, the company has revisited the possibility of expanding throughout Latin America. Kambista is currently evaluating several countries in the region where currency fluctuations and partial dollarization could present opportunities, though specific markets were not disclosed.
“We have a shortlist of potential markets that we will be exploring in more detail this year,” Ruiz stated. “Hopefully, by the end of the third or fourth quarter of 2026, we will have concrete news and a potential new market to enter.”
The expansion will be funded with existing capital, with the total investment amount dependent on the chosen market. The strategy also includes establishing a local office, supported by the company’s technology operations based in Peru.
“Our profitability gives us the flexibility to choose when and where to expand. We are not under pressure to raise capital,” Ruiz explained. Kambista achieved profitability in 2018, just a year after launching, and has since been self-funded. The company’s only significant funding round occurred in 2017, when it raised capital equivalent to 25% of the company’s equity and has not sought additional investment since.
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New Products in Development
Kambista’s product roadmap also includes diversification. The CEO mentioned the development of a new product related to international transfers, leveraging the company’s existing customer base that already conducts currency exchange operations.
a previously shelved project called Kodito, which enabled digital payments and transactions, is being revived in light of the evolving regulatory landscape surrounding open finance in Peru.
“We believe it could be much more viable in an open finance environment,” Ruiz noted.
The Central Reserve Bank of Peru (BCRP) is driving a new architecture for the payment system, inspired by India’s interoperability model. Meanwhile, the Superintendency of Banking and Insurance (SBS) has published its roadmap for open finance, requiring banks and other entities to share financial information under certain standards.
Ruiz views these changes as the most significant turning point since the emergence of the local fintech ecosystem. “These are two distinct but complementary transformations. Together, they can change the way fintechs interact with the financial system,” he said.
The new CEO of Kambista assumed office in March 2025.
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Growth in 2026
In 2025, the platform processed USD $631 million in currency transactions, completing 450,000 transactions and nearly 170,000 operations annually, representing a growth rate of 13% to 14% compared to 2024.
Kambista currently has 454,000 registered users, with 75,000 to 89,000 remaining active.
“Increased competition has reduced exchange rate margins, particularly between 2021 and 2022. However, we continue to generate savings compared to other alternatives,” Ruiz explained.
Part of that advantage, he says, comes from a less visible factor: the constant updating of the exchange rate. “The foreign exchange market moves in real time. Many physical exchange houses do not immediately reflect these movements, creating opportunities for users,” he noted.
Despite the company’s growth in 2025, the CEO acknowledges that the start of 2026 has shown signs of economic slowdown. The reasons? Supply issues with gas, climate risks associated with the coastal El Niño phenomenon, and uncertainty ahead of the elections.
“The year started strong, but in recent months we have noticed a certain slowdown in the real economy,” he said. The company’s growth projections for 2026 are being adjusted as the macroeconomic outlook becomes clearer. “We will have a clearer picture by April or May,” he indicated.
Re-emerging After a Period of Quiet
Now, amid regulatory changes, increasing competition, and a new stage for the digital financial system, Kambista is seeking to reposition itself.
“We desire the market to witness us as an agile fintech, but with a level of maturity that allows us to work with any player in the financial system,” Ruiz noted. Kambista is approaching its tenth anniversary in a market where the rules of the game are changing for fintechs.
