LatamList – Mundi, a Mexican fintech, raised a $7.8M seed funding round led by Base10. FJ Labs and various angel investors also participated in the round.
Mundi is a digital credit platform for international commerce SMEs. The effects of the COVID-19 pandemic mean that many SMEs need additional financial support to continue competing in the global markets.
Mexico exports an estimated $460,000M in goods each year. In developed countries, SMEs represent between 35% and 60% of export business, while in Mexico this is only around 10%.
SMEs that trade in the international market have a very restricted access to financing. Mundi aims to provide these companies with financing through their digital platform where companies can receive credit within only 48hours.
“With this new funding, we have a much greater ability to support Mexican companies. Mexico has huge potential for exports and international trade, but it is currently limited because only the larger companies have access to the financing to support them in these markets,” said Paulina Aguilar Vela, Mexico Manager of Mundi.
With the new funding, Mundi will launch new services and consolidate its presence in Mexico.
Read more on El Economista.