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Contxto, With the idea of introducing youth to digital banking and offering exposure to managing finances at a young age, Mozper launched a debit card and app designed especially for kids and parents in Latin America.
With a $3.55M closure in seed round, this fund raise was led by Hetz Ventures along with the other Big B’s of the industry like F-Prime Capital, Foundation Capital, Secocha Ventures & previous investors Dux Capital and John Farrell. Investors know a good thing when they’ve seen it and the fact that Mozper managed to raise $1.5M using the founder’s personal connections in the initial stages is a testimony to that. With the amount raised, Mozper intends to further seep into the Mexican market, where they launched three months ago, and expand into Brazil in 2021.
The success of this Mozper’s venture can be accredited to the dire need the region has for some level of financial exposure. With an increase in digital adoption in the region and a shift in children’s spending habits from cash to online use, parents now need an easier way to give their children digital money and be able to monitor their spending at the same time and instill healthy financial habits.
“We imagine that the Latin American market is a blue sea for Fintech advancement,” remarked Pavel Livshiz, Partner at Hetz Ventures. “We were very intrigued by Gabriel, Yael and Pablo’s capacity to execute quickly and bring the organization’s vision of banking LATAM’s advanced first youth to an early and great foothold.”
Founders Pablo Klestorny, Yael Israeli and Gabriel Roizner began building Mozper in January 2020 and declared, in a joint Q&A session with Visa, their dispatch in Mexico in August 2020 with a shut testing base including 500 families, through which Mozper immediately gave a thumbs up with an effective beta, of which over 90% of the families keep utilizing the application, Mozper dispatched to the overall population on November second and have seen steady development of 20% week over week, pointing out the success of their meta testing.
Mozper is carrying the week by week remittance into the advanced time in Latin America, where about 70% of the populace in the area has never gotten formal monetary schooling. In Brazil and Mexico alone, guardians give more than $10B every year in pocket cash to kids. With a flood in computerized selection in the area and a move of children’s ways of managing money, guardians presently need a simpler method to give their children advanced cash.
“We are eager to bring youth banking and monetary instruction into the Latin America market,” says Gabriel Roizner, CEO of Mozper. “Through utilizing our Visa check cards and application, youngsters get an active, certifiable monetary schooling proper for the computerized time. We really accept there is no monetary incorporation without schooling.
“Through utilizing our Visa charge cards and application, kids get an involved, genuine monetary schooling proper for the advanced time. We genuinely accept there is no monetary incorporation without schooling.” said the association.