Mexican payments platform UnDosTres closed a $30 million Series B investment round led by IDC Ventures and followed by IGNIA and Dalus Capital, which had previously invested in the fintech. New investors also participated in the round, such as Telegraph Hill Capital, AI8 Ventures and Benber LP.
Founded in 2015 by entrepreneurs Vikram Deswal, Naveen Sharma and Arpit Gupta, UnDosTres’ goal is to integrate financial solutions into a digital platform, which mitigates inefficiencies associated with payments. The company’s growth plan includes the development of a digital financial products strategy based on technologies such as AI and the promotion of differentiated payment ecosystems, which will generate more added value for the end consumer.
The business model is similar to Argentina’s MercadoPago, MercadoLibre’s fintech.
In the last twelve months almost one million users have used UnDosTres to make their payments. The platform, available via IOS, Android, and desktop, helps users pay for things such as taxes, tolls, and even movie tickets, in an effort to replace the cash market.
“We are backing a company that is revolutionizing the payments landscape in Mexico. As of today, 85% of Mexicans have never made online payments, we expect this to change soon thanks to UnDosTres”, Alejandro Rodriguez, Managing Partner IDC Ventures.
IDC Ventures has supported technology companies such as Curve, Bipi, RecargaPay, Merqueo or Securitize. In 2018, UnDosTres raised a Series A for $6.5 million led by Ignia and Dalus Capital. With the new investment the Mexican fintech will continue working on technology development.
“The goal is to accelerate a customer-friendly solution for integrated financial services to reach that percentage of Mexicans who have not yet made any online transactions,” said Naveen Sharma, co-founder of UnDosTres.