Backing the Future of Healthcare Banking in Latin America

At Costanoa, we invest in companies tackling massive, overlooked problems. That’s why we’re thrilled to announce our investment in Welli, a new kind of bank built for Latin America’s healthcare economy.

The opportunity is big and it’s meaningful for the 400 million people and millions of care providers living in Latam. And it’s been hiding in plain sight.

Healthcare is a $500B+ sector across Latin America —essential to every country’s wellbeing and economic growth. But the financial infrastructure serving it is stuck in the past. Healthcare providers—doctors, dentists, clinics, small hospitals, diagnostic labs—are chronically underserved by traditional banks.

These providers struggle to access even basic working capital. They rely on ill-fitting financing options, high-interest credit cards, or personal savings to manage equipment purchases, payroll, and growth investment. Most banks don’t understand the revenue cycles of a private practice, let alone the seasonal rhythms of health spending. Risk models are generic. Customer support is spotty (or worse). And modern, easy-to-use digital solutions are rare.

On the patient side, it’s not much better. Health spending is a mix of government insurance or cash pay, both of which demand meaningful out-of-pocket costs. Insurance coverage remains low across the region, so patients who don’t have the cash to pay  are often forced to delay or abandon care. This means inadequate treatment when it’s needed, delayed or missed elective procedures, and the potential for worsening illness with higher overall costs down the line. This is a drain on national economies, an impairment to people’s well-being, and lost opportunities for health providers to deliver service and build their businesses and practices. 

Why We Backed Welli

Welli is building the first modern financial services platform designed specifically for the Latin America healthcare economy. Starting in Colombia where the founders are based, Welli is launching a broad set of financial offerings for patients and providers, initially focused on patient finance and equipment finance for practices.

Welli’s team is uniquely equipped for this task, with a blend of healthcare and startup fintech experience. They understand the customer and the market, and have seen first hand how modern technology can take out friction from complex healthcare workflows, for example in distribution, onboarding, loan underwriting and servicing. We are highly impressed with the team’s commitment to delivering advanced solutions for customers, finding practical ways to fit loans to patient needs while maintaining underwriting discipline. They also have an exciting and big long term vision for a suite of financial products covering the region, and leveraging technology in ways that will build real and durable advantages for the company.

Welli has the chance to be the first true financial operating system for healthcare across Latin America. They’re early, they’re focused and they’re fast moving. Most importantly, they understand that trust and deep customer knowledge win in their market.

We’re proud to lead their Series A and to be their partners on this exciting journey.