The fintech Mundi announced a $16M Series A funding round led by Union Square Ventures.
Mundi is a financing platform that provides financial services to enable cross-border trade. The fintech offers SME exporters working capital to ease their businessās cash flows to bypass the usual 30, 60, or 90-day payment delays.
With greater access to capital, Mundiās customers are experiencing up to a 30% increase in exports. Instead of relying on delayed income, companies are able to take more orders from existing clients because they have a more immediate cash flow.
āSMEs have major financial risks when trading internationally: lack of working capital, currency exposure, and non-payment. We are committed to reducing the barriers to cross-border trade so companies can focus on selling their products and services,ā said Martin Pustilnick, co-founder and CEO.
During 2021, the fintech processed over $120M in invoices for customers.
The Mundi fintech will now invest in launching new products and making new hires. This capital follows on from $100M in debt financing which Mundi will use to underwrite SMEs.
A new multi-currency management tool, FX, is in the product line, and will allow customers to protect their operations against currency fluctuations.
Other investors in the Series A include Upper90, FJ Labs, Base 10 Partners, Exor, AndBank, Alleycorp, Operator Partners, Gilgamesh Ventures, and the Mexican bank Monex.
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