Why I invested in Kleva
Debt collection in LatAm is a $XX-billion workflow done with the same call centers it used in 1995. Kleva replaces the human collector with AI that calls, texts, emails, and chats — handles disputes, promises to pay, documentation — end-to-end through resolution. 25% more recovered. 70% less cost.
Why I backed it
Boring industry, monstrous TAM. Every bank, every fintech, every BNPL provider in LatAm has a collections problem. The buyer is the CFO, not the CTO. Sales motion is straightforward: “we recovered 25% more for [reference customer]”. Numbers do the work.
Compliance as moat, country by country. Kleva is compliant in Mexico, Brazil, Colombia, Guatemala, Ecuador, Peru — each with different regulations on contact frequency, scripts, escalation. That regulatory layer is exactly the kind of moat I think actually holds in AI in LatAm. Every country adds switching cost.
The right kind of replacement. This is inhuman work — repetitive, scripted, emotionally draining. Replacing it with AI is the canonical “let humans do human things” move. The few humans left in the loop become managers and exception-handlers, which is the better job.
The bet
LatAm financial services is a sleeping giant for AI applications. Kleva is in the highest-leverage workflow with the cleanest unit economics. If they keep their cost-per-recovery curve heading down, they become infrastructure.