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Mundi, a startup that offers financial services for cross-border commerce, announced that it raised US$16 million in a Series A. The series was led by Union Square Ventures and is the fund’s first B2B investment in Latin America.
Funds such as Upper 90, Operator Partners, Monex, Gilgamesh Ventures, FJ Labs, EXOR N.V., Base10 Partners, Andbank and AlleyCorp; as well as executives from Brex, C2FO, Wisetack and Addi also participated in the fundraise.
The new capital came after Mundi secured a US$100 million financing facility from Silicon Valley Bank. This brought its total debt and equity to US$125 million.
Easier Cross-border Trade
Mundi, which has operations in Mexico City, seeks to facilitate cross-border trade for Mexican companies that export products. Its business model is based on offering SMEs the amount of the transaction in advance so that they don’t have to wait 30 to 90 days to receive it.
This process could increase SME exports by up to 30% in six months, Martin Pustilnick, co-founder and CEO of Mundi, told the media.
The company reported that its monthly total value processed (TPV) grew 25x between December 2020 and December 2021. In this period, it processed more than US$120 million in invoices for its clients.
Mundi is on Its Way to Handling More Currencies
Mundi will use the new round of financing to invest in new products, hire more staff and acquire and retain clients.
Among the products it plans to launch is a line focused on multi-currency management with forward contracts and spot exchange rates. These services are intended to protect clients’ operations against currency fluctuations.
Mundi is about to celebrate two years in the market. It was founded in 2020 by Juan Carlos Christensen, Martin Pustilnick, Paulina Aguilar Vela and Sebastian Kontarovsky. They currently operate in Mexico and New York.
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