The Colombian fintech Tpaga announced a $10M Series A funding round from various investors. EWA Capital, Mountain Partners, Star 26, Fundación Botnar, and New Ventures participated in the round.
Tpaga is a digital mobile payments platform aiming to bring greater access to digital finance to millions of Colombians. According to the Banco de la República, 87% of Colombians still use cash for their day-to-day payments.
The Tpaga app allows customers to open a digital savings account with multiple services. These include paying bills, managing income and money transfers, investment, and a credit service.
“With digital finance solutions such as Tpaga we can close the financial gap that exists in society,” affirmed Particia Sáenz, founder and partner of EWA Capital.
The Colombian fintech Tpaga reached one million users in 2021. The startup is considering new products such as international payments features and the ability to buy online from e-commerce stores with the Tpaga account.
“This funding will help us to grow our team and further share our products. We want to reach 5 million users with our ‘finance superapp’, which allows customers to save, invest, request credit, and secure a loan,” said Andrés Gutiérrez, CEO of Tpaga.
Tpaga also recently opened up the platform to allow third parties to operate their e-wallets on its digital infrastructure. Pivoting into the open banking and fintech-as-a-service sector will enable the platform to be used to greater potential in the ecosystem.
The platform previously raised $2.2M from Green Visor Capital and Y Combinator in 2018. The Colombian startup has raised a total of $15.1M since its inception.
Find out more about Tpaga in this Crossing Borders Podcast episode.