UnDosTres raises $30m to develop new financial products
By Edlyn Cardoza
UnDosTres, the Mexican FinTech leader in airtime top-ups, service payments and entertainment purchases, has announced the closing of a Series B investment round led by IDC Ventures for $30 million. New investors such as Telegraph Hill Capital, AI8 Ventures and Benber LP have participated in the transaction, as have some of the company’s existing investors such as IGNIA and Dalus Capital. This is the third round of investment the company has received since its founding in 2015.
UnDosTres’s goal is to integrate financial solutions into a digital platform, which mitigates inefficiencies associated with payments. The company’s growth plan contemplates the development of a strategy for digital financial products based on technologies such as artificial intelligence and the promotion of differentiated payment ecosystems, which generate added value for the end consumer.
“We are very proud to close this round of financing led by IDC Ventures. This investment will allow us to offer Mexicans new payment options and financial services, including credit products” says Arpit Gupta, co-founder of UnDosTres. “UnDosTres has worked on innovative solutions to make life easier for Mexicans, eliminating inefficiencies related to traditional payments that meant a great waste of time in lines and unnecessary trips to multiple places like banks or convenience stores. We are sure that as a company, if we continue solving for payments, we will be integrated into the daily life of the user.”
The company was created in Mexico in 2015 by entrepreneurs Vikram Deswal, Naveen Sharma and Arpit Gupta. Since then, it has become one of the most important transactional platforms in the country; only in the last twelve months, almost 1,000,000 users have used UnDosTres to make their payments. From the beginning, the company was committed to developing a platform that would solve payment needs for Mexicans from the same place and without friction to use it, including more than 100 services, such as payments of electricity bills, water, gas, television, or cell phone bills, among others. In addition, UnDosTres also allows the user to buy thousands of products and services (gift cards, movie tickets, transportation, electronics, etc.) and is in an accelerated process of developing financial and technological products under the premise of “simple, fast, easy and secure” for the consumer.
“UnDosTres is building a super payments app, offering innovative and intuitive digital products to Mexicans,” said Alejandro Rodriguez, managing partner at IDC Ventures. “We are excited to support a company that is actively improving the lives of so many people by revolutionizing the payments landscape in Mexico. As of today, 85% of Mexicans have never made online payments, we expect this to change soon thanks to UnDosTres.”
“With this investment and technology development we will continue our consolidation and exposure as the digital consumer payments platform and the acceleration of a customer friendly solution for integrated financial services to reach that 40% of Mexicans who have not yet made any online transactions.” Naveen Sharma, the co-founder of UnDosTres, concluded.
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