PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Santander InnoVentures leads USD 6 million round in Mexican startup ePesos to advance financial inclusion

PaymentsJournal by PaymentsJournal
October 13, 2017
in Press Releases
0
Santander InnoVentures logo

Santander InnoVentures logo

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
13 October 2017 Monterrey, Nuevo León (Mexico)

Santander InnoVentures, the fintech venture capital fund of Santander Group, announced today an investment in the Mexican startup ePesos, the mobile payments company for the underbanked. ePesos has today closed a USD 6 million investment round that will enable the company to continue growing its platform serving and supporting small and medium sized enterprises across Mexico. Other institutional investors participating in the round include VilCap Investments, Pomona Impact, and Fiinlab, the innovation lab owned by Gentera. The round also saw participation from Sorenson Impact Foundation, a leading social impact fund, which is making its first investment in Mexico. This is the first investment in Latin America of Santander’s USD 200 million fund, which has already invested in 17 financial technology startups since launching in 2014.

ePesos is building the new payment rails for the underbanked and unbanked in Mexico. Through its platform, ePesos offers low-cost short-term working capital through a revolving line of credit to SMEs without a bank account. Borrowers receive and repay funds through a custom built mobile wallet. In addition, ePesos is partnering with HR software companies to provide affordable payroll advances. With ePesos, employees are able to access funds instantly without going through complicated internal procedures.

Manuel Silva Martínez, head of Investments at Santander InnoVentures, said: “Our investment in ePesos is a proof of our commitment to global financial inclusion and helping small businesses prosper – something Santander InnoVentures has made a priority. It is a privilege to support Oscar and his team scale and further contribute to inclusive growth in Mexico through providing access to much-needed financing solutions. Our investment in ePesos is also an important stepping stone in strengthening our investment strategy in Latin America and we are excited about the opportunity to make a tangible difference in the region.” Manuel will be joining ePesos’ board of directors.

Oscar Robles, founder and CEO of ePesos, said: “We are very excited about the progress we have made so far. With the continued support of our investors and strategic partners, we are confident that we are moving ahead with our mission to accelerate financial inclusion through payments technology in Latin America.”

About Santander

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is among the world’s top banks by market capitalization. At the end of June 2017, Banco Santander had EUR 1.65 trillion in managed funds, 131 million customers, 13,800 branches and 200,000 employees. Banco Santander made attributable profit of EUR 3.6 billion in the first half of 2017, an increase of 24% compared to the same period last year. InnoVentures is Santander’s USD 200 million corporate venture fund. It is tasked to find and qualify prospective fintech businesses that will help Santander innovate with a purpose – either to transform the bank or serve customers better. In 2017, InnoVentures has been particularly interested in companies innovating in artificial intelligence, payments, lending, banking as a service and financial inclusion, and actively scouts globally.

About ePesos

ePesos is a financial technology company that provides access to loans, payroll advances, and payments solutions to unbanked customers. ePesos partners with financial institutions and software companies to provide ongoing financial services without the need of a bank account.

Tags: ePesosSantander
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix