Chilean fintech firm Btrust has officially received authorization from the Commission for the Financial Market (CMF) to operate as a regulated Alternative Transaction System (SAT). This landmark approval, granted under Chile's Fintech Law, enables the company to formally intermediate invoice financing for large corporate payers. The move positions Btrust as a key regulated player aiming to enhance efficiency and transparency in the non-banking financial sector.
A New Era of Regulated Invoice Financing
The CMF's resolution, issued on January 30, 2026, formally brings Btrust within the national regulatory perimeter, a significant step for the firm and the industry. This authorization introduces a supervised entity into a traditionally fragmented market composed of banks, non-bank factoring companies, and smaller operators. Btrust's model is designed to standardize processes and bring greater order to this complex ecosystem.
Revolutionizing Factoring with a Digital Auction Model
Btrust distinguishes itself from traditional factoring by not purchasing invoices or setting interest rates, instead acting as a technological intermediary. The platform facilitates real-time digital auctions where institutional investors, including banks and investment funds, compete to advance payments on invoices. This innovative approach focuses on improving traceability and reducing operational friction for all parties involved in the transaction.
According to CEO and founder Patricio Cortés, the system can resolve an auction in just 45 seconds, allowing suppliers to receive payment on the same day. The company's revenue is generated from a commission charged to the supplier for the early payment service. This structure ensures Btrust remains a neutral platform connecting businesses with a diverse pool of institutional capital.
Advanced Technology Ensuring Security and Efficiency
At the core of Btrust's operation is a proprietary algorithm named Archimedes, which manages the entire auction process from start to finish. This technology handles the matching of buyers and sellers, executes the real-time bidding, and applies automated controls before any transaction is finalized. The system is built to ensure a seamless and secure experience for all users on the platform.
Co-founder Jaime Leonart emphasized the platform's robust security measures, which include direct API integrations with the Internal Revenue Service (SII) and buyers' systems. This connectivity allows for the automated validation of invoices, which must be pre-accepted by large payers before entering the auction. These integrations are crucial for strengthening traceability and minimizing risk throughout the financing lifecycle.
Impressive Traction and Strategic Growth
Since commencing operations in 2023, Btrust has demonstrated significant market traction, processing approximately US$200 million in transactions. The company reported that its transaction volume grew nearly threefold during 2025, reflecting strong demand for its services. Its network now connects over 1,000 suppliers, more than 300 paying companies, and ten financial institutions.
The company's growth has been supported by a US$1.5 million pre-seed funding round in 2023, led by Invexor Venture Partners. Btrust is currently preparing for a new financing round to fuel further technological development and operational expansion. Strategic alliances with organizations like the Association of Entrepreneurs of Chile (ASECH) and major corporations have also been instrumental to its success.
The CMF's authorization marks a pivotal moment for Btrust, validating its innovative model and cementing its role as a trusted financial intermediary in Chile. By bringing increased transparency, speed, and competition to invoice financing, the company is well-positioned to drive significant change within the industry. This regulatory milestone paves the way for Btrust's continued growth and its mission to modernize corporate financing.