LatAm List – Fondeadora, a Mexican digital banking company, recently received a $2.5M investment from IGNIA Partners, LW Investment Management, and other private angel investors.
Fondeadora is a fintech that aims to revolutionize traditional banking in Mexico by providing a digital alternative. Through the online app and international Mastercard debit card, clients are able to save, spend, and move money completely free of charge.
The startup is already making headway in the Mexican market despite only being in operation for four months. The company has opened around 30,000 accounts and managed transactions for around $5.1M.
This new investment will accelerate the launch of new products in 2020, including an enhanced payroll management feature, as well as propelling the company to its outreach goal of 300,000 clients.
Fondeadora also received an investment earlier in 2019 of $1.5M to grow neobank services in Mexico.
The Mexican fintech market continues to expand as companies such as Fondeadora and Albo compete to be the leading neobank in Mexico.
Read more on LAVCA.