It competes with software from Sonda, BlackRock, and other industry giants.
Approximately US$235 billion—64% of Chile's GDP—will be transferred from multi-funds to generational funds on the night of April 1. Five AFPs are working with VMetrix on this.
By Felipe O'Ryan | La Segunda | November 4, 2026
On the night of March 31 to April 1, 2027, a Chilean company with 115 employees will provide the technology behind the management of more than US$144 billion in pension savings held by the AFPs. It will be one of the most challenging nights the Chilean AFP system has ever faced: the transition from the current multi-fund system to the generational fund system. And behind much of that transition will be VMetrix, a firm little known outside of the financial market’s technology and investment teams.
Pension funds manage approximately US$235 billion—equivalent to about 64% of Chile’s GDP. Once the current implementations are complete, VMetrix estimates that its platform will record, value, and monitor the investments of AFPs, which account for about 60% of those assets, or approximately US$144 billion.
This is because five AFPs have already chosen VMetrix for this purpose: Cuprum, Habitat, Modelo, PlanVital, and Uno. Cuprum is already using the platform; Habitat is moving toward going live; and the others are in the implementation phase. The firm has 13 clients and seven concurrent projects, including BancoEstado AGF, Banco Tanner, Credicorp Capital, and the Itaú brokerage firm.
Software You Can't See
An AFP, bank, or AGF doesn't just decide what to buy or sell. First, it must run simulations, review limits, and approve transactions; then it has to submit them to the market, settle them, value them, record them in the books, measure risks, and generate reports. That process may be spread across several systems.
Among the major players in this field are Aladdin (from BlackRock), Murex, and Calypso. In Chile, for example, Cuprum and Capital use Aladdin in their investment front office—that is, the part of the business where portfolios are managed and trades are initiated and executed. Sonda also has a long-standing presence: AFPnet handles member management, and some pension fund administrators use the firm’s solutions for financial processes. ERP systems—which integrate accounting with financial and administrative management—may include Oracle, Fin700, SunSystems, or others.
“VMetrix integrates the entire investment cycle into a single platform, from trade recording to settlement, valuation, accounting, risk management, and reporting. It is designed for banks, pension fund administrators (AFPs), fund managers, insurance companies, and brokerage firms,” explains Yuval Shats, the firm’s CRO.
The story began in 2014, when Sebastián Valenzuela, a Chilean and former Accenture employee, and André Pinheiro, a Brazilian, founded a consulting firm to implement international investment, treasury, and risk management platforms. They worked in Chile, Paraguay, and Mexico, where they partnered with Findur on projects involving the Afores—the Mexican AFPs—and later on the transition of the Mexican system to generational funds.
In 2020, they decided to build their own system. They reinvested nearly US$10 million from their consulting business, developed it over four years, and in 2024 launched VMetrix as cloud-native SaaS software. The company grew from 20 employees at that time to the 115 it has today.
Contracts with the AFPs changed the scale of the business, and the company now seeks to replicate its success in the pension sector in other segments. It is already working with BancoEstado AGF and is involved in efforts to expand its presence among fund managers; it is also targeting banks, brokerage firms, and large financial groups. In addition, it is preparing to expand into Peru, Colombia, and Argentina, with plans for significant growth in Brazil down the line. For that final step, the company plans to raise a new round of funding. It has already raised US$4.9 million in a seed round in 2025 with Kayyak Ventures and participation from Nazca.
The Night of Change
Part of the VMetrix team had been involved in the transition of the Afores—Mexico’s retirement fund administrators—to generational funds, at that time as consultants using third-party technology. Now they will have to do so using their own platform, with one difference: while the operational transition in Mexico took several days, in Chile the critical period will be concentrated between the market close on March 31 and the market open on April 1.
That does not mean that the more than US$165 billion must be bought and sold that night. The immediate change is operational: the new funds must be launched with their positions, records, limits, valuations, and controls already in place, while the portfolios will have up to 36 months to gradually align with their investment objectives.
To reduce the workload concentrated on that final night, the strategy being discussed with the AFPs is to set up replicas of each administrator’s environments in advance, configure the generational funds there, and update the information over the preceding days. “The critical window for changes—during the night of March 31 to April 1—could focus primarily on incorporating the latest transactions, performing reconciliations, and carrying out final validations,” explains Shats.
There will also be an important discussion: to what extent to suspend operations prior to the change. In member management, it is possible to establish periods with no transactions, but with investments, the situation is different. Keeping the AFPs—which manage assets equivalent to more than half of GDP—out of the market for several days could affect liquidity, prices, and the ability to react. For this reason, one priority currently being discussed by the fund managers and the regulator is how to minimize the period during which their operations are restricted.
Notable Statements
Yuval Shats, CRO of VMetrix: “The challenge lies in the fact that they must carry out this transition while continuing to manage billions of dollars in investments on a daily basis.”
Regarding VMetrix's expansion: “The company is also considering a future Series A funding round to accelerate its growth and compete in larger markets.”
Photo: Sebastián Valenzuela (left) and Yuval Shats, founder and CRO of VMetrix, respectively.
Source: La Segunda, Society section, Wednesday, November 4, 2026. Article by Felipe O'Ryan.
