Fintual, a Chilean digital investment platform, confirmed plans to open its own pension fund manager. The company has already filed documents with Chile's pension regulator. It manages more than US$1.2 billion in assets.
Regulatory steps and model
The firm is seeking a provisional certificate of existence from the Superintendencia de Pensiones. It is also building its own software to operate from January. Current rules allow a digital pension manager to operate with a single branch.
Company context
Fintual was founded in Chile in 2016. It was accepted into Y Combinator in 2018 and later expanded to Mexico. In 2024, its Chilean operation passed the break-even point and exceeded US$10 million in annual revenue.
Pension fund criticism
The confirmation came as Chile's conservative Fondo E faced losses from long-duration US Treasury rate derivatives. Fintual said it had raised warnings since 2023 that the fund carried excess risk. Omar Larré said the AFP label is a loaded brand and the company wants to avoid past practices.
The company will decide later whether to enter Chile's affiliate tender. That decision depends on its ability to support a national branch network and the client portfolio it would receive. Executives said the AFP project does not depend on winning the tender.