Ecuadorian startup PayMon, which connects and automates cafeteria services in schools, colleges and universities in Latin America, has raised $600,000 in a pre-seed round led by Magma Partners, Buen Trip Ventures, Pygma and others.
The fintech combines a smart digital wallet with management software, which together create an ecosystem that connects parents, students and teachers with the school cafeteria and other services within schools.
Managing finances with functions such as spending limits, product blocking and instant recharges are some of the functionalities offered by the application, offering innovation, security and convenience to all users.
According to company figures, 25,000 families have benefited from its services and the cafeterias that use PayMon’s technology have increased their sales by an average of 25% after its implementation and around three hours of administrative savings per day. In addition, there has been evidence of reduced food waste, which reflects better margins for their customers.
“It is the first time that a payment and purchasing method is offered that offers total transparency and control with purchases previously approved by parents, where good financial practices can be put into practice with real money,” José Javier Cordero, co-founder and CEO of PayMon, told Contxto.
The money raised will be used to develop and expand the product and its functionalities, in addition to expanding to Mexico and Ecuador, thus impacting many more schools in the region and promoting financial education for young people in Latin America.
“By 2025 we will process between US$ 4 million and US$ 5 million in monthly payments through our app, some 100,000 families will use the app and turnover will reach US$ 1 million. We will also expand into other areas such as the sale of school supplies and uniforms,” Cordero said in an interview with Forbes Ecuador.
The company was founded in 2022 by José Javier Cordero and Juan Sebastián Moscoso and is part of the Columbia Alumni Virtual Accelerator program and the Columbia Startup Lab, both entrepreneurship programs supported by Columbia University in New York, United States.
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