Uruguayan fintech startup Infinia was selected by Y Combinator, the largest US startup accelerator, for its next acceleration cohort in 2023. The fintech, which processes account-to-account payments, not only accessed mentoring at the San Francisco (California) headquarters, but also received a $500,000 investment.
Infinia is an account-to-account payment platform that processes payments between bank accounts without the need for intermediaries. The fintech makes it easy for consumers to pay by bank, facilitating merchants to enable this payment method. With this feature, the fintech helps merchants/apps save up to 80% on credit card fees, enabling account-to-account payments across Latin America.
The venture, created this year by Ianai Urwicz and Alejandro Rettig, was chosen along other startups 200 out of some 20,000 that applied. The acceleration and mentoring process will last four months, in hybrid format, at Y Combinator’s headquarters in San Francisco (California). Participation at YC comes with $500,000 from the accelerator.
To-date, they already have 18 clients in Uruguay, Paraguay and Brazil, such as Mevuelo, Cerámicas Castro and Barraca Paraná. The platform works in online stores and its main differential is that it simplifies the payment process at the merchant’s checkout.
“It avoids the step of going out, going to the bank account and making the transaction there. Companies only have to add the platform’s API,” said Ianai Urwicz, CEO and cofounder of Infinia.
The company started with online stores, but plan to also reach physical stores with a QR code in the near future. In terms of costs, the entrepreneur said that it represents a savings of 70% compared to credit cards.