LatAm List – Cuenca, a Mexican neobank focused on financial inclusion, recently announced that they raised a $7.4M Series A led by US payments processor, Stripe, in November 2018. This round was Stripe’s first investment in a Latin American startup.
Cuenca is a fully-digital bank account that enables users to process payments online, transfer money, and withdraw and deposit cash. Founded by Iranian Matin Tamizi in 2018, Cuenca currently has around 50,000 customers across Mexico.
Over 60% of Mexico’s population is underbanked, creating a large opportunity for neobanks like Cuenca, albo, Klar, and Nubank, who are all providing digital accounts to Mexican customers today.
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