Mexican FinTech UnDosTres raises $ 30 million in Series B.
Digital payment platform UnDosTres has raised $ 30 million in a Series B funding round, the Mexico City-based company announced in a press release on Wednesday (July 6).
FinTech, which offers offers in addition to airtime, service payments and entertainment purchases, was founded in 2015 by founders Vikram Deswal, Naveen Sharma and Arpit Gupta.
“With this investment and technology development, we will continue our consolidation and exposure as the digital consumer payment platform and the acceleration of a customer-friendly integrated financial services solution to reach the 40% of Mexicans who have not yet made any online transactions,” Sharma said in the release.
The round was led by IDC Ventures, with the participation of new investors Telegraph Hill Capital, AI8 Ventures and Benber LP, and existing investors IGNIA and Dalus Capita, the release states.
Nearly 1 million users have paid through UnDosTres in the last 12 months, according to the release. The platform is designed to help people in Mexico with more than 100 services, including payment of electricity bills, water, gas, television or cell phone bills.
UnDosTres also allows customers to purchase a variety of products, such as gift cards and movie tickets. The company also develops “financial and technological products under the premise of ‘easy, fast, easy and safe’ for the consumer,” according to the release.
The company said in the release that it has room to grow. IDC Ventures CEO Alejandro Rodriguez noted that 85% of people in Mexico have never made online payments.
“We expect this to change soon thanks to UnDosTres,” he said in the release.
PYMNTS examined this trend last month in a conversation with executives from Uber and PayU about the emergence of digitalization in Latin America.
Read more: Uber, PayU Team Up to Break Latin America’s Cash Habit
The region’s dependence on cash is both a challenge and an opportunity for these companies, as consumers and concert workers do not fully trust digital – but they rely on cash in hand.
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