The factoring technology platform Mundi has secured a significant investment of USD $15 million in a round led by Haymaker Ventures. This fund is known for supporting fintech startups in their early stages.
Mundi’s primary goal with this new capital is to consolidate its presence in Mexico. They also see a promising horizon in the nearshoring phenomenon, especially in maquila and manufacturing.
Although Mundi has yet to reveal its plans for this newly acquired capital, they have hinted at its ambition to double the size of the companies it currently serves in the next year. It’s worth noting that they now provide financing exceeding USD $125 million.
Paulina Aguilar Vela, one of the minds behind Mundi, expressed her gratitude to the investors.
“They continue to trust and invest in us because of the potential they see in Mexican foreign trade. We recognize the many opportunities that arise from the relocation of companies from China to Mexico. These companies will need solid capital and financial services to capitalize on these opportunities.”
One of the areas where Mundi hopes to expand is export factoring. This mode allows companies to sell their invoices to financial institutions to obtain liquidity. They also plan to form alliances with logistics companies.
At the helm of Haymaker Ventures, Olivia Baribeau echoed Aguilar’s vision when talking about how this new investment could boost the impact of nearshoring on the Mexican economy. She also emphasized the importance of strengthening the range of financial services for SMEs looking to export.
An important fact to remember is that in October 2021, Mundi secured a deposit of USD $100 million from the then Silicon Valley Bank. Therefore, Mundi feels prepared to meet any credit demand, having already financed USD $800,000 million since 2020.
“Export factoring was our beginning and remains our main product today. However, we see rapid growth in other services and hope they will soon be equally relevant, if not more,” Aguilar said.
Recently, Mundi has expanded its range of solutions, offering services for international payments and collections, currency management, cargo insurance, and free tools.
Martin Pustilnick, also at the forefront of Mundi, addressed the challenges faced by many exporters and importers:
“We have realized their payment, currency management, and insurance challenges beyond financing. In the last year and a half, we have launched solutions for each problem. The feedback has been clear: clients want a single platform to solve all these challenges.”
According to a recent study published by the Network of Economic and Commercial Offices of Spain Abroad, expectations for the Mexican fintech market in 2023 are positive. The creation of alliances and strategic collaborations with other companies, innovation in their sales strategies, and improvement in their product portfolio support this. Added to all this is the fact that the Mexican population is characterized by a rapid adoption of their products and services.
