Tuna, an open-source software fintech, raised $3M in two seed funding rounds led by Canary Ventures and Atlantico.
Electronic payments systems in Latin America remain dysfunctional and bureaucratic at certain levels, with merchants relying on banks and other organizations to verify customers and detect fraudulent activity.
Tuna eliminates this time-consuming step by enabling merchants to use A/B testing for credit card processors and anti-fraud providers to connect and integrate with different payments providers and optimize their digital payments systems.
Tuna’s system is based on objective data that considers all components of performance. This includes features such as approval rates and not just fees.
“The no-code solution that Tuna is building is exciting because it is scalable and can help companies not only get better margins, but also drive their developers to other efforts,” said Marcos Toledo, Managing Partner at Canary.
The startup will use the new funding to build its team and optimize technology to better serve customers in Brazil. Co-founder Alex Tabor also suggests that Mexico, Colombia, and Argentina will be the startup’s next markets.
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