Ecuadorian startup PayMon, a financial ecosystem for students and schools, raised a $600k pre-seed round led by Magma Partners. Buen Trip Ventures, Pygma, and angel investors Madelaine Clavijo and Marc Sacal, also participated in the round.
“We’re thrilled to support Juan and Jose’s mission to streamline payments for parents and schools across Latin America. PayMon began by simplifying cafeteria spending and is now expanding into a broader range of transactions involving parents, schools, and children” said Alexa Clark, Associate at Magma Partners
PayMon offers an app for parents and students to manage finances with features like spending limits, product blocking, and instant top-ups. PayMon also provides a business management system for schools and cafeterias, enabling them to automate processes, manage sales, and optimize digital and on-site payments.
“Schools, parents, and students are seeking convenient and efficient payment solutions. PayMon delivers immediate, tangible benefits for all these groups. Our mission is to centralize all youth-related transactions within an innovative, all-in-one app,” said José Javier Cordero Co-founder and CEO of PayMon.
PayMon will use the funds to expand operations in Mexico and Ecuador and add additional payment solutions, including digitizing payments to suppliers and ticket purchases for events, as well as handling payments related to students.
Founded in 2022, by José Javier Cordero and Juan Sebastian Moscoso, PayMon has grown 6x in the past 12 months and serves more than 25,000 families. Its client portfolio includes Irish Institute CDMX, Universidad Anahuac – Campus Sur, Peterson School, Colegio Oxford, Colegio Americano de Guayaquil, Colegio Aleman Humbolt, Colegio Innova Ecuador, and Colegio Logos Guayaquil.
