Diligence report Financial Services / Latin American payment infrastructure and acquiring Late-stage private LatAm payments unicorn

Kushki

Kushki Public-Source Startup Diligence Report

Proceed only with data-room diligence: public sources support eligibility as an uncovered private unicorn candidate, while the key investment questions are private financial quality, concentration, defensibility, compliance, and current governance terms.

Company profile

Kushki Public-Source Startup Diligence Report

Kushki has credible public unicorn, product, and customer/partner signals, but public evidence is insufficient to underwrite current valuation, revenue quality, customer concentration, cap-table economics, and legal/regulatory posture.

Website: www.kushki.com
Sector: Financial Services / Latin American payment infrastructure and acquiring
Geography: Ecuador and Latin America; Quito row in CB Insights; five-country operations cited in 2022 reporting
Stage: Late-stage private LatAm payments unicorn
Known aliases: Kushki, Kushki Pagos, Llapingacho LLC
Report version: 1.0
Timezone: UTC

Executive summary

Strengths

Public unicorn valuation anchor $1.50B is corroborated by CB Insights and funding/independent coverage.
Public product positioning and product modules are documented by official company sources.
Public customer, logo, or partner signals exist, though economics remain private.

Risks

Payments unit economics and loss exposure are not public
Multi-country payments regulation and acquiring licenses create execution risk
Fraud, chargeback, and security risks are core operating exposures

Gaps

Audited/reviewed financial statements, ARR/net revenue, gross margin, burn, cash, debt, and backlog
Cap table, option pool, liquidation preferences, investor rights, SAFEs/notes/warrants
Revenue/TPV/member/customer concentration, churn, renewal, NRR, and references
Roadmap, technical architecture, incident history, R&D spend, and security reports
Litigation, regulatory, IP, insurance, and material-contract schedules

Recommended next steps

Open financial/cap-table data room first, then customer/reference, product/security, legal/regulatory, HR, and governance workstreams.
Reconfirm private-company status, current valuation, and any post-public-source financings or exits directly with company counsel.
Do not rely on public logos or funding announcements as proof of revenue quality, retention, compliance, or valuation fairness.

Risk register

high high likelihood

R-002: Multi-country payments regulation and acquiring licenses create execution risk

Kushki operates payments/acquiring across LatAm; license status, regulatory exams, AML/KYC controls, settlement rules, and scheme compliance need counsel-led review.

Diligence request: Open a focused diligence request covering the underlying data room evidence, responsible executive interviews, and third-party verification before investment reliance.

high medium likelihood

R-001: Payments unit economics and loss exposure are not public

The $1.5B valuation is supported, but net revenue, TPV, take rate, chargebacks, fraud losses, reserves, cash, and runway are not public.

Diligence request: Open a focused diligence request covering the underlying data room evidence, responsible executive interviews, and third-party verification before investment reliance.

high medium likelihood

R-003: Fraud, chargeback, and security risks are core operating exposures

Kushki markets fraud prevention and PCI posture, but actual loss rates, incidents, security audits, and merchant-risk models are not public.

Diligence request: Open a focused diligence request covering the underlying data room evidence, responsible executive interviews, and third-party verification before investment reliance.

medium unknown likelihood

R-004: Customer, country, and vertical concentration are not disclosed

Public logos and five-country operations are positive signals, but TPV/revenue by customer, country, and vertical are not public.

Diligence request: Open a focused diligence request covering the underlying data room evidence, responsible executive interviews, and third-party verification before investment reliance.

Chapter 01

01Financial Information

Public sources verify Kushki's unicorn valuation anchor but do not verify audited financials, revenue quality, cash runway, debt, or cap-table terms.

EC-001 EC-002 EC-009 EC-011

I.A Annual and quarterly financial information for the past three years

not publicly verifiable confidence: high

Annual and quarterly financial information for the past three years is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-009 EC-011

Evidence gaps

Private data-room support is required for Annual and quarterly financial information for the past three years before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Annual and quarterly financial information for the past three years implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Annual and quarterly financial information for the past three years.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Public financial quality and capital-structure signals
metric	public signal	verification status	diligence request
Revenue / ARR / net revenue	not disclosed in reviewed public sources	not_publicly_verifiable	Audited statements, ARR/net-revenue bridge, cohort retention, and revenue recognition policy
Cash, burn, runway, debt	not disclosed in reviewed public sources	not_publicly_verifiable	Cash balance, monthly burn, debt/credit agreements, off-balance-sheet liabilities
Capital structure	investors named publicly; ownership and preferences not public	partially_verified	Cap table, preferred terms, SAFEs/notes, option pool, warrants, investor rights

I.B Financial Projections

not publicly verifiable confidence: high

Financial Projections is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-001 EC-002

Evidence gaps

Private data-room support is required for Financial Projections before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Financial Projections implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Financial Projections.
Identify any material changes since the latest public source reviewed on 2026-06-03.

I.C Capital Structure

not publicly verifiable confidence: high

Capital Structure is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-001 EC-002

Evidence gaps

Private data-room support is required for Capital Structure before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Capital Structure implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Capital Structure.
Identify any material changes since the latest public source reviewed on 2026-06-03.

I.D Other financial information

not publicly verifiable confidence: high

Other financial information is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-001 EC-002 EC-011 EC-009

Evidence gaps

Private data-room support is required for Other financial information before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Other financial information implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Other financial information.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Public funding-round and valuation history
date	round or event	amount	post money valuation	lead or participants	verification status
2022-06-07	CB Insights unicorn row	not disclosed in row	$1.50B	Clocktower Technology Ventures, DILA Capital, Kaszek Ventures	verified via public unicorn database
2022-06-07	Latest major public financing / unicorn event	$100M Series B extension	$1.50B	Clocktower Technology Ventures, DILA Capital, Kaszek Ventures	verified/partially verified by public sources
2026-06-03	Current cap table and current valuation	not publicly disclosed	not publicly verifiable	request data room	not_publicly_verifiable

Funding and valuation event timeline Chronology of public funding and eligibility anchors.

Public valuation chart Single public valuation anchor with missing current valuation marked.

Chapter 02

02Products

Public sources describe Kushki's product surface, but usage, roadmap performance, gross margin, and technical diligence remain private.

EC-003 EC-004 EC-007 EC-013

II.A Description of each product

partially verified confidence: medium

Public-source review found directional evidence for description of each product, with private validation needed before reliance.

EC-003 EC-004 EC-009 EC-007

Evidence gaps

Private data-room support is required for Description of each product before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-003: see risk register for Description of each product implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Description of each product.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Product / SKU matrix
product	audience	public features	verification status
PayIns	Merchants and PSPs collecting payments	Six integrations for online collections under aggregator or gateway model	verified
PayOuts	Merchants paying suppliers, allies, employees, and users	Payout/disbursement capability	verified
Adquirencia / acquiring	High-volume merchants and PSPs	Regional acquiring platform and non-bank acquirer positioning	partially_verified
Fraud/security tools	Merchants needing fraud prevention and PCI posture	Advanced fraud prevention, security layers, and PCI signals	partially_verified

Pricing and packaging visibility
offering	public price	included or request	verification status
API / gateway pricing	Not publicly disclosed in fetched page	Request merchant fee schedule, take rate, interchange pass-through, reserves, chargeback fees	not_publicly_verifiable
Acquiring pricing	Not publicly disclosed in fetched page	Request country-by-country MDR, settlement timing, reserve, and FX fees	not_publicly_verifiable
Payout pricing	Not publicly disclosed in fetched page	Request payout fee grid, bank-transfer rails, minimums, and failure costs	not_publicly_verifiable

Public product architecture / dependency map High-level public product components and external dependencies.

Chapter 03

03Customer Information

Public customer or partner signals exist, but revenue concentration, renewal status, churn, and contract economics are not public.

EC-005 EC-006 EC-010

III.A Top customers by application

partially verified confidence: medium

Public-source review found directional evidence for top customers by application, with private validation needed before reliance.

EC-005 EC-010

Evidence gaps

Private data-room support is required for Top customers by application before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Top customers by application implications.
R-004: see risk register for Top customers by application implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Top customers by application.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Public customer / logo evidence
customer or logo	relationship type	public evidence	verification status
Rappi	Displayed customer logo	Official site logo evidence; contract/revenue not public	partially_verified
Comex	Displayed customer logo	Official site logo evidence; contract/revenue not public	partially_verified
Terpel	Displayed customer logo	Official site logo evidence; contract/revenue not public	partially_verified
PayJoy	Displayed customer logo	Official site logo evidence; contract/revenue not public	partially_verified
BetPlay/Rushbet	Gaming/gambling logos	Official site logo evidence; sector-specific compliance risk	partially_verified

III.B Strategic relationships

partially verified confidence: medium

Public-source review found directional evidence for strategic relationships, with private validation needed before reliance.

EC-006 EC-010

Evidence gaps

Private data-room support is required for Strategic relationships before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Strategic relationships implications.
R-004: see risk register for Strategic relationships implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Strategic relationships.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Strategic relationships, suppliers, and dependencies
relationship	nature	public evidence	gap or risk
Kaszek Ventures	Investor	Participated in funding; investor since early 2020 per FinTech Magazine	contract economics and governance not public
Clocktower Ventures / DILA Capital / SoftBank Latin America Fund	Investors	Funding participants in Series B extension	contract economics and governance not public
AWS / PCI ecosystem	Infrastructure/compliance signal	Official footer displays AWS partner and PCI DSS compliance imagery	requires verification

III.C Revenue by customer

not publicly verifiable confidence: high

Revenue by customer is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-005 EC-010

Evidence gaps

Private data-room support is required for Revenue by customer before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Revenue by customer implications.
R-004: see risk register for Revenue by customer implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Revenue by customer.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Customer concentration disclosure chart Known public logos have no disclosed revenue share.

III.D Significant relationships severed within the last two years

partially verified confidence: medium

Public-source review found directional evidence for significant relationships severed within the last two years, with private validation needed before reliance.

EC-005 EC-006

Evidence gaps

Private data-room support is required for Significant relationships severed within the last two years before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Significant relationships severed within the last two years implications.
R-004: see risk register for Significant relationships severed within the last two years implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Significant relationships severed within the last two years.
Identify any material changes since the latest public source reviewed on 2026-06-03.

III.E Top suppliers

partially verified confidence: medium

Public-source review found directional evidence for top suppliers, with private validation needed before reliance.

EC-005 EC-006

Evidence gaps

Private data-room support is required for Top suppliers before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-001: see risk register for Top suppliers implications.
R-004: see risk register for Top suppliers implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Top suppliers.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Chapter 04

04Competition

The competitive landscape is identifiable from public positioning, but win/loss data and differentiation require private interviews and data.

EC-012

IV.A Competitive landscape by market segment

partially verified confidence: medium

Public-source review found directional evidence for competitive landscape by market segment, with private validation needed before reliance.

EC-012 EC-004 EC-007

Evidence gaps

Private data-room support is required for Competitive landscape by market segment before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Competitive landscape by market segment.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Competitor comparison matrix
competitor	segment	product overlap	differentiator or pressure
dLocal	cross-border/LatAm payments	Payments and merchant processing overlap	Public scale and regional rails
EBANX	LatAm payments	Pay-in and local payment methods overlap	Enterprise merchant base
Mercado Pago	regional payments/acquiring	Merchant processing and wallet ecosystem overlap	Consumer/merchant network effects
Adyen / Stripe	global payment processors	Enterprise payment processing overlap	Global platform and developer ecosystem

Basis-of-competition scoring
axis	target position	competitive pressure	evidence basis
Product breadth	credible public product suite	larger suites may bundle adjacent capabilities	official product pages
Trust/compliance	public compliance/security claims exist	buyers require independent reports and contracts	security/public trust sources
Pricing power	not fully verifiable from public data	competitive procurement and substitutes	pricing page or pricing gap

Competitive market map Qualitative map of target and competitor segments.

Chapter 05

05Marketing, Sales, and Distribution

Public GTM motions and proof points exist; channel mix, pipeline conversion, CAC, and sales productivity are not public.

EC-005 EC-006 EC-013

V.A Strategy and implementation

partially verified confidence: medium

Public-source review found directional evidence for strategy and implementation, with private validation needed before reliance.

EC-006 EC-013

Evidence gaps

Private data-room support is required for Strategy and implementation before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-004: see risk register for Strategy and implementation implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Strategy and implementation.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Distribution channels and GTM motions
channel	public signal	region or segment	gap
Direct sales / demo motion	official site asks prospects to get started, request demo, or contact sales	Ecuador	pipeline, conversion, CAC, sales cycle not public
Partner / ecosystem motion	Kaszek Ventures; Clocktower Ventures / DILA Capital / SoftBank Latin America Fund; AWS / PCI ecosystem	Ecuador and Latin America; Quito row in CB Insights; five-country operations cited in 2022 reporting	partner-sourced revenue and contracts not public
Content / product-led education	public website, docs/blog/events/resources	public web	traffic, lead quality, CAC payback not public

GTM channel mix disclosure chart Public channels are identifiable but channel weights are not public.

V.B Major Customers

partially verified confidence: medium

Public-source review found directional evidence for major customers, with private validation needed before reliance.

EC-005 EC-006 EC-007

Evidence gaps

Private data-room support is required for Major Customers before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-004: see risk register for Major Customers implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Major Customers.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Public marketing and customer-signal summary
signal	evidence	verification status	private validation needed
Named customers/logos	Rappi, Comex, Terpel, PayJoy, BetPlay/Rushbet	partially_verified	signed contracts, ARR/TPV by account, reference calls
Funding/investor credibility	Clocktower Technology Ventures, DILA Capital, Kaszek Ventures	verified	investor rights, board composition, latest valuation
Product/security trust	official product and security/trust pages	partially_verified	third-party reports, pen tests, customer security questionnaires

V.C Principal avenues for generating new business

partially verified confidence: medium

Public-source review found directional evidence for principal avenues for generating new business, with private validation needed before reliance.

EC-005 EC-006

Evidence gaps

Private data-room support is required for Principal avenues for generating new business before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-004: see risk register for Principal avenues for generating new business implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Principal avenues for generating new business.
Identify any material changes since the latest public source reviewed on 2026-06-03.

V.D Sales force productivity model

not publicly verifiable confidence: high

Sales force productivity model is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-005 EC-006

Evidence gaps

Private data-room support is required for Sales force productivity model before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-004: see risk register for Sales force productivity model implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Sales force productivity model.
Identify any material changes since the latest public source reviewed on 2026-06-03.

V.E Ability to implement marketing plan with current and projected budgets

partially verified confidence: medium

Public-source review found directional evidence for ability to implement marketing plan with current and projected budgets, with private validation needed before reliance.

EC-005 EC-006

Evidence gaps

Private data-room support is required for Ability to implement marketing plan with current and projected budgets before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-004: see risk register for Ability to implement marketing plan with current and projected budgets implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Ability to implement marketing plan with current and projected budgets.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Chapter 06

06Research and Development

Public product/R&D signals exist, but engineering roadmap, security design, product velocity, and technical debt require internal evidence.

EC-003 EC-004 EC-013 EC-014

VI.A Description of R&D organization

partially verified confidence: medium

Public-source review found directional evidence for description of r&d organization, with private validation needed before reliance.

EC-007 EC-013 EC-014

Evidence gaps

Private data-room support is required for Description of R&D organization before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Description of R&D organization.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Key R&D / product personnel and technical signals
signal	public evidence	verification status	diligence request
Founder / technical leadership	Aron Schwarzkopf (CEO and Co-Founder); Sebastian Castro (Co-Founder); Kaszek / Clocktower / DILA / SoftBank Latin America Fund (Investors)	partially_verified	Current org chart, invention assignments, retention packages
Developer/product resources	Docs, API reference, status page, GitHub links	verified	Architecture, roadmap, security design, R&D budget
Technical claims	Official site claims high acceptance rates, advanced fraud prevention, more than four security layers, and PCI; FinTech Magazine reports improving acceptance and reducing fraud.	partially_verified	Independent technical validation and incident history

R&D / platform ownership map Publicly visible technical/product roles and private org gaps.

VI.B New Product Pipeline

partially verified confidence: medium

Public-source review found directional evidence for new product pipeline, with private validation needed before reliance.

EC-003 EC-004 EC-013

Evidence gaps

Private data-room support is required for New Product Pipeline before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for New Product Pipeline.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Public product / research pipeline
initiative	public status	expected date	risk or gap
PayIns	available/marketed publicly	current public offering	usage and roadmap depth not public
Fraud/security tools	available/marketed publicly or public module	current public offering	performance and customer adoption not public
Unannounced roadmap	not publicly disclosed	not_publicly_verifiable	request product roadmap, R&D milestones, build-vs-buy dependencies

Chapter 07

07Management and Personnel

Public leadership and hiring signals are limited; current org chart, compensation, retention, attrition, and employee relations require data-room review.

EC-006 EC-008 EC-014

VII.A Organization Chart

partially verified confidence: medium

Public-source review found directional evidence for organization chart, with private validation needed before reliance.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Organization Chart before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Organization Chart.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VII.B Historical and projected headcount by function and location

partially verified confidence: medium

Public-source review found directional evidence for historical and projected headcount by function and location, with private validation needed before reliance.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Historical and projected headcount by function and location before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Historical and projected headcount by function and location.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Headcount, hiring, and turnover signals
metric or signal	public value	source basis	diligence request
2022 reported employees	750	employees	headcount by function/location, attrition, offers, compensation, contractor mix, employee relations matters
2026 current headcount	not publicly verified	not publicly verified from fetched sources	headcount by function/location, attrition, offers, compensation, contractor mix, employee relations matters

Headcount disclosure trend Available workforce anchors and undisclosed current headcount.

VII.C Senior management biographies

partially verified confidence: medium

Public-source review found directional evidence for senior management biographies, with private validation needed before reliance.

EC-014

Evidence gaps

Private data-room support is required for Senior management biographies before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Senior management biographies.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Senior management and governance roster
name or group	role	public background	diligence caveat
Aron Schwarzkopf	CEO and Co-Founder	Quoted by FinTech Magazine	current employment, equity, board rights, inventions, and restrictive covenants require data-room review
Sebastian Castro	Co-Founder	Named by FinTech Magazine as Ecuadorian entrepreneur/founder	current employment, equity, board rights, inventions, and restrictive covenants require data-room review
Kaszek / Clocktower / DILA / SoftBank Latin America Fund	Investors	Public financing participants; economic rights not public	current employment, equity, board rights, inventions, and restrictive covenants require data-room review

VII.D Compensation arrangements

not publicly verifiable confidence: high

Compensation arrangements is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Compensation arrangements before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Compensation arrangements.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VII.E Incentive stock plans

not publicly verifiable confidence: high

Incentive stock plans is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Incentive stock plans before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Incentive stock plans.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VII.F Significant employee relations problems, past or present

partially verified confidence: medium

Public-source review found directional evidence for significant employee relations problems, past or present, with private validation needed before reliance.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Significant employee relations problems, past or present before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Significant employee relations problems, past or present.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VII.G Personnel Turnover

not publicly verifiable confidence: high

Personnel Turnover is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-006 EC-008

Evidence gaps

Private data-room support is required for Personnel Turnover before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Personnel Turnover.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Chapter 08

08Legal and Related Matters

Public security/compliance statements exist, but legal, regulatory, IP, insurance, and material-contract diligence are largely private.

EC-007 EC-015

VIII.A Pending lawsuits against the Company

not publicly verifiable confidence: high

Pending lawsuits against the Company is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-015

Evidence gaps

Private data-room support is required for Pending lawsuits against the Company before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Pending lawsuits against the Company implications.
R-003: see risk register for Pending lawsuits against the Company implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Pending lawsuits against the Company.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Legal, litigation, and regulatory-action public summary
matter type	public finding	verification status	diligence request
Pending lawsuits against company	no comprehensive litigation schedule available in public sources reviewed	not_publicly_verifiable	counsel litigation search, representation letter, threatened claims
Company-initiated lawsuits	not surfaced in reviewed public sources	not_publicly_verifiable	counsel docket search and dispute schedule
Regulatory/agency actions	not comprehensively verifiable from public sources reviewed	not_publicly_verifiable	regulatory correspondence, exams, consent orders, license status

VIII.B Pending lawsuits initiated by Company

not publicly verifiable confidence: high

Pending lawsuits initiated by Company is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-007 EC-015

Evidence gaps

Private data-room support is required for Pending lawsuits initiated by Company before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Pending lawsuits initiated by Company implications.
R-003: see risk register for Pending lawsuits initiated by Company implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Pending lawsuits initiated by Company.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VIII.C Environmental and employee safety issues and liabilities

partially verified confidence: medium

Public-source review found directional evidence for environmental and employee safety issues and liabilities, with private validation needed before reliance.

EC-007 EC-015

Evidence gaps

Private data-room support is required for Environmental and employee safety issues and liabilities before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Environmental and employee safety issues and liabilities implications.
R-003: see risk register for Environmental and employee safety issues and liabilities implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Environmental and employee safety issues and liabilities.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VIII.D Material patents, copyrights, licenses, and trademarks

partially verified confidence: medium

Public-source review found directional evidence for material patents, copyrights, licenses, and trademarks, with private validation needed before reliance.

EC-007 EC-015

Evidence gaps

Private data-room support is required for Material patents, copyrights, licenses, and trademarks before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Material patents, copyrights, licenses, and trademarks implications.
R-003: see risk register for Material patents, copyrights, licenses, and trademarks implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Material patents, copyrights, licenses, and trademarks.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Material IP, contracts, security, and insurance requests
area	public evidence	verification status	request
Security/compliance	Official site claims high acceptance rates, advanced fraud prevention, more than four security layers, and PCI; FinTech Magazine reports improving acceptance and reducing fraud.	partially_verified	SOC/ISO/PCI/HIPAA reports as applicable, pen tests, incident history, subprocessor list
IP ownership	no full patent/trademark/copyright/invention assignment schedule in public sources	not_publicly_verifiable	patent/trademark schedule, assignments, OSS/SBOM, founder/employee invention agreements
Material contracts and insurance	not publicly disclosed	not_publicly_verifiable	customer, supplier, partner, processor/cloud contracts; insurance binders and claims history

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: high

Insurance coverage and material exposures is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-007 EC-015

Evidence gaps

Private data-room support is required for Insurance coverage and material exposures before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Insurance coverage and material exposures implications.
R-003: see risk register for Insurance coverage and material exposures implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Insurance coverage and material exposures.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VIII.F Material contracts

not publicly verifiable confidence: high

Material contracts is not fully publicly verifiable for a private company; public sources provide directional signals and the report lists required data-room follow-up.

EC-007 EC-015

Evidence gaps

Private data-room support is required for Material contracts before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Material contracts implications.
R-003: see risk register for Material contracts implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Material contracts.
Identify any material changes since the latest public source reviewed on 2026-06-03.

VIII.G Regulatory agency problems

partially verified confidence: medium

Public-source review found directional evidence for regulatory agency problems, with private validation needed before reliance.

EC-001 EC-002 EC-009 EC-010 EC-003 EC-014 EC-015 EC-007 EC-005 EC-006

Evidence gaps

Private data-room support is required for Regulatory agency problems before investment reliance.
Public sources may be stale, self-reported, or incomplete; validate with company management and third parties.

Hidden risks

R-002: see risk register for Regulatory agency problems implications.
R-003: see risk register for Regulatory agency problems implications.

Follow-up questions

Provide source documents, owner, date, and quantitative support for Regulatory agency problems.
Identify any material changes since the latest public source reviewed on 2026-06-03.

Legal/regulatory risk heatmap Risk heatmap for full public diligence risk register.

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	Kushki is listed as an uncovered unicorn at a $1.50B valuation.	verified high	SRC-001
EC-002	Kushki raised $100M in a Series B extension and reached a $1.5B valuation in 2022.	verified high	SRC-002
EC-003	Kushki provides LatAm payment infrastructure across pay-ins, payouts, and acquiring.	verified high	SRC-003
EC-004	Kushki website lists multiple integration/product options.	verified high	SRC-003
EC-005	Kushki website displays customer logos including Rappi, Comex, Terpel, PayJoy, and others.	partially verified medium	SRC-003
EC-006	Kushki reported 750 employees and operations in five countries in 2022.	verified high	SRC-002
EC-007	Kushki emphasizes acceptance-rate improvement, fraud reduction, and security.	partially verified medium	SRC-003 SRC-004 SRC-002
EC-008	Kushki was founded in 2017 by Ecuadorian entrepreneurs Sebastian Castro and Aron Schwarzkopf.	verified high	SRC-002
EC-009	Public sources reviewed do not disclose audited financials, net revenue, take rate, gross margin, loss rate, cash, debt, or chargeback exposure.	not publicly verifiable high	SRC-002 SRC-003
EC-010	Kushki customer concentration and payment-volume mix are not publicly verifiable.	not publicly verifiable high	SRC-003
EC-011	Kushki appears active and private based on CB Insights, official website, careers/source activity, and no reviewed top-result IPO/acquisition/shutdown evidence.	partially verified medium	SRC-001 SRC-003 SRC-005 SRC-006
EC-012	Kushki competes in LatAm payments, gateways, processors, acquirers, and PSP infrastructure.	verified medium	SRC-003 SRC-002
EC-013	Kushki uses API, documentation, status, and GitHub resources as developer/distribution signals.	verified medium	SRC-003
EC-014	Kushki legal/regulatory diligence is material because it operates payments and acquiring across multiple countries.	partially verified medium	SRC-003 SRC-002
EC-015	Kushki public IP, material contract, insurance, and litigation schedules are not available from reviewed sources.	not publicly verifiable high	SRC-003 SRC-005

Sources
ID	Publisher	Title	Accessed
SRC-001	CB Insights	CB Insights Complete List of Unicorn Companies	2026-06-03
SRC-002	FinTech Magazine	Kushki hits unicorn status after US$100mn Series B	2026-06-03
SRC-003	Kushki	Kushki official product website	2026-06-03
SRC-004	Kushki	Kushki security page	2026-06-03
SRC-005	DuckDuckGo	DuckDuckGo search: Kushki unicorn 100M Series B extension valuation	2026-06-03
SRC-006	Kushki	Kushki careers page	2026-06-03

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.