Unlimit, the global fintech firm, and inDrive, one of the fastest growing mobility platforms in the world, announced today a strategic alliance to strengthen the expansion of inDrive through Unlimit’s payment infrastructure, starting with Mexico and Latin America. This partnership will allow inDrive to use local payment solutions in new markets, including processing in local currencies and alternative payment methods.
Unlimit is a renowned fintech that offers payment solutions through a financial interface for startups and businesses worldwide. On the other hand, inDrive, with more than 150 million downloads, is the second most downloaded mobility app in the world and provides transportation services in more than 700 cities and 47 countries.
InDrive stands out for using a price model negotiable between passenger and driver, which requires flexible payment solutions designed to adapt to local and international markets. To this end, Unlimit will provide inDrive with one of the largest proprietary payment infrastructures in the world, with a wide variety of different payment methods, including mobile and cash payments, connections with global and local cards, digital wallets and direct transfers, according to a press release.
Currently, Unlimit is the main provider of payment solutions for inDrive in Mexico, but also supports the company in Colombia, Jamaica, Peru and Chile. Both companies, however, plan to further expand their collaboration to other new markets later this year.
The alliance between Unlimit and inDrive demonstrates the growing appeal of Latin America for global fintech companies, a region that raised USD $500 million in the first quarter of 2023, representing a 150% increase compared to the previous quarter. This trend highlights the growth potential and strategic importance of the region for investment funds interested in the fintech sector and the digital economy.
Additionally, The Association for Private Capital Investment in Latin America (LAVCA), the fintech sector was by far the main recipient of venture capital investments in 2022, accounting for 29% of last year’s investments.
This year, startups such as Argentina’s INI, which raised an unknown amount from Kamay Ventures, and Pismo, which raised US$108 million in a Series B funding round becoming the first unicorn of the Falabella fund, demonstrate that the Latin market has been recovering compared to the previous year.