LatamList – Mozper, a Mexican fintech, raised a $3.5M Seed round led by Hetz Ventures. Other investors included F-Prime Capital, Foundation Capital, Secocha Ventures, Dux Capital, and private investor John Farrel.
According to Mozper, parents in Mexico and Brazil give their children $10B in pocket money each year. Mozper aims to digitize children’s pocket money with an app and debit card to educate them on healthy finance practices.
Yael Israeli, co-founder of Mozper, said that a key aspect of the project was changing the perceptions of banking in the country.
“There is a cultural barrier to this education and, as a whole, 70% of the population in Latin America have never received a formal financial education,” said Israeli. “A big part is educating the market, and what the value is now that the world has transitioned to a more cashless state. This is still something new in Latin America.”
The platform finished a beta program in August with 500 families testing the platform before launching at the start of November. Since then, users have grown by 20% each week.
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