N5, a multinational technology company headquartered in the US and focused on the financial sector, has secured a US$20 million investment to advance its AI solutions and expand its global presence.

The funding will support the development of its AIfred, Pep, and Singular platforms, aimed at optimising financial and insurance operations.

The investment round includes new backers Alexia Ventures, a software and AI-focused fund in Latin America, and Scale-Up Ventures, Endeavor’s venture capital fund.

Existing investors include Illuminate Financial, Exor Ventures, Madrone Capital Partners, LTS Investments, Arpex Capital, and Overboost.

N5, which operates in 18 countries with clients such as Mastercard, Santander, and Itaú, has doubled in size over the past year.

N5’s founder and CEO, Julián Colombo has also highlighted AI’s potential to reduce customer service costs, making financial services more accessible to the 1.4 billion unbanked individuals globally.

Some of the investment will support the company’s expansion strategy.

While N5 previously planned acquisitions in Latin America, it has shifted towards a partner distribution programme, the N5 Partner Network.

“We are still in negotiation with an Argentine company. But a big part of the goal of the purchases was to grow our ability to install our platform for the customers we had on the waiting list,”

Colombo told Forbes.

“So we decided to create a partner/distribution programme, where professional services companies (such as EY in Mexico or Capgemini in Brazil) will be able to implement our platform in more clients and geographies. That is showing faster results than buying companies.”

In the past year, N5 has expanded its operations to Peru, Chile, Mexico, and the Dominican Republic.

Featured image credit: edited from freepik