CVC Krealo, Credicorp’s open innovation arm, made an undisclosed investment in Peruvian payment processor Culqi. This is Krealo’s first startup investment.

(LatAm List) Credicorp’s venture capital arm, Krealo, recently invested in Peruvian payment processor Culqi, proving the bank’s interest in supporting local fintech development. Over the next year, Krealo plans to expand Culqi’s client base by 16,000 new customers and help them reach new markets in Mexico, Chile, and Colombia.

In the meantime, Krealo is in the search for early-stage fintech startups that might be open to a partnership with the bank.

“We are currently actively searching within the regional ecosystem for collaboration opportunities with more fintech startups. We are having conversations with startups at many different maturity levels,” said Marco Roca, the general manager of Krealo.

Many banks have begun partnering with fintechs to improve their technology and help increase financial inclusion across the region. Currently 80% of the region’s transactions are still done in cash. Krealo sees Culqi as a way to help small businesses access digital transactions and is searching for other startups that can do the same.