The Mexican fintech company Mundi announced a new Series A-2 financing round totaling USD$15 million, with Haymaker Ventures being the main investor.
Union Square Ventures, who led the Series A in December 2021, has also significantly contributed to this round, along with GMO Ventures, Upper90, Colibri Ventures, Base10, Asymmetric Capital Partners, Gaingels, Mana Ventures, and GSBackers.
The purpose of this Series A-2 investment is to enhance the user experience for both exporters, importers, and the associated logistics companies, who will now have the ability to provide integrated financial services.
“Nearshoring” is a powerful opportunity for the Mexican economy; the lack of access to high-quality financial products keeps SMEs out of the market.
“Mundi’s verticalized approach eliminates entry barriers and allows any business to have commercial relationships with the United States and the rest of the world, offering a range of services on a single technological platform,” explained Olivia Baribeau of Haymaker Ventures regarding the new investment round.
Additionally, Mundi has announced its rebranding with the goal of becoming the first fintech platform that simplifies international trade in Latin America.
After launching solutions for international payments and collections, foreign exchange, currency coverage, and cargo insurance, as well as a set of free tools to enhance their clients’ operability.
“We have found that exporters, importers, and logistics companies face multiple issues related to their payments, collections, currency management, and insurance, in addition to financing.
“Over the past 18 months, we have launched different products to address each of these needs, and what we have heard repeatedly from customers is that they would prefer to address all these issues from a single platform,” emphasized Martín Pustilnick, CEO and co-founder of Mundi.
In the first quarter of this year, Mexico recorded more than USD$127 million in terms of exports, surpassing the USD$118 million reported in the same period of 2022, according to information from the INEGI.