Closing 2025 strong. Starting 2026 even stronger.

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Team, ​
​​
​Today we are announcing our new financing round, and I want to share directly why it matters and what it means for us.

We closed 2025 with real momentum. We delivered close to 120,000 transactions, growing roughly 40% year over year and rotating inventory nearly 60% faster than the year before.

At the same time, we did something harder. Over the last few years we have worked every day to remove friction from the business and build the systems that allow us to scale with discipline. We strengthened our data, infrastructure, pricing models, assortment strategy, and most importantly our understanding of the customer. That is what allows us to grow at this speed while operating far more efficiently.

Today we are a stronger, healthier company with a solid foundation to keep building for the long term.

December was the first month in our history where we achieved consolidated global profitability. Mexico led that result, with Chile and GCC also reaching important milestones.

This is meaningful, but it is not the destination. It is the starting point. In 2026, our focus must be on stabilizing these results, making them consistent, and building on top of them. The real test is not reaching profitability once. It is turning it into a durable foundation that allows us to reinvest continuously in our customers.

Our financial arm is also at an inflection point. Since inception, we have financed more than $1B for our users. What matters most is what is happening now. In recent months, we have reached an annualized run rate of roughly $600M in financing extended to customers, and we are entering 2026 growing close to 100% in the amount of credit we are putting in customers’ hands.

This is not just growth. It is access.

But the most important part of our story is what our work means in real life.

We have generated more than $1.6B in liquidity for individuals who needed to sell their car. More than 40% of our customers bought a car for the first time in their lives.

In Latin America, the difference between having a car and not having one changes your life and your family’s life completely. It changes where you can work, how much time you spend with your children, what opportunities you can take, and the kind of future you can build. We sit in the middle of that change.

We approve meaningfully more customers than traditional institutions, not because we take shortcuts, but because we use technology and data to understand each person better and structure each loan responsibly.

We also know this is a complex industry. Kavak does not manufacture cars and we do not drive them. The condition of every vehicle is the result of how it was built, who drove it, how it was maintained, and under what conditions it operated. Multiply that across brands, models, years, and mileage, and you have millions of possible outcomes.

Cars fail. Used cars fail. Our job is not to pretend that will not happen. Our job is to inspect better, learn faster, and stand with customers when failure, which is inevitable, happens.

Over the years, our inspection and reconditioning have improved significantly. Around 5% of vehicles we sell come back within the first three months for additional work under our coverage programs. From those cases, we must learn and improve. But we also cannot ignore the other 95%. We need to understand what worked, what customers loved, and how to make it even stronger.

Only around 1.5% of customers return or exchange their vehicle during the return window. That reflects trust.

And to be clear, our coverage model is a partnership. Customers invest in that protection, and we commit to respond when something happens. It is not a marketing promise. It is shared responsibility.

Outside of Kavak, customers can face fraud risks as high as 30 to 40%, and almost no one takes responsibility when something goes wrong. We have reduced that risk dramatically for our users and we step in when needed. We will not be perfect. That is not the point. The point is building real trust in one of the most important purchases a family makes.

From the beginning, we understood that building Kavak also meant helping formalize an industry that has been largely informal for decades. It is not just about building a company. It is about elevating the entire category.

Our marketplace is not just a platform. It is a network of dealerships, independent distributors, fleet operators, banks, and insurers operating on top of the technology and infrastructure we have built.

More than 5,000 partners use our inventory, logistics, inspection and reconditioning processes, and financing capabilities to serve their own customers. That is formalization in action.

We will continue investing in this ecosystem because the real challenge in our markets is informality. Changing this industry does not happen alone. It happens by building standards others can adopt and raising the bar for everyone.

We are living through the biggest technological shift of our lifetimes, and Kavak has chosen to be at the forefront.

Over the last year, we have made major advances using AI to understand our customers’ real pain points and build a roadmap grounded in facts, not assumptions. AI is helping us replace opinions with truth, and then execute the solutions that truly matter. We can now extract that truth directly from what customers say and do, and build from there. It also allows us to understand each customer more deeply and deliver more tailored solutions and communication. The result is clear: more liquidity and more access than we were capable of delivering a year ago.

But this is bigger than technology. This is a generational opportunity to attract and develop top talent across our region. We want people who want to put this technology into action with real impact, solving meaningful problems for millions of families.

And that opportunity comes with responsibility. As tools improve, our standards must rise with them. Automation is not about cutting teams. It is about giving every person at Kavak more leverage and more capability to multiply the value they create. Excellence is not optional here. We are here to build something great.

We are still in the early stages of value creation. We have less than 1% of the market, and the best companies create more than 95% of their value after year 15.

We are closing year 9.

That means what we have built so far is only the beginning. We are likely in the first 1 to 3% of the value we can create for users and shareholders over the next 20 years.

Our job is to keep removing friction, keep raising the bar, and keep building with intensity.

Now, the announcement.

I am excited to share that Andreessen Horowitz is joining Kavak, leading a $300M round, of which they invested $200M themselves. This is their largest investment in a single company in Latin America and the first investment from their new Growth fund. That is a strong signal of conviction in what this team has built, in the fundamentals we have strengthened, and in the long-term opportunity ahead.

We are also welcoming WCM Investment Management, who co-led this effort alongside this new group of investors, as well as Lingotto, Foxhaven, Galdana Ventures, and Allen & Company. These are investors with deep experience in public markets and long-term capital allocation, and their arrival strengthens the quality and maturity of our cap table for the next stage of the company.

We chose these partners because they understand what we are building and share our ambition. This capital strengthens our balance sheet and allows us to accelerate our fintech roadmap, expand our capital markets capabilities, and continue investing in product, marketplace infrastructure, and operational excellence.

I am genuinely excited for 2026. If we stay focused on eliminating friction, elevating standards, and creating real value for customers, the results will continue to follow as a consequence of that work.

Thank you for everything you have done to get us here.

Let’s make this year count.

Carlos