Mundi, a financial services platform for cross-border trade, announced today it has raised $16 million in a Series A funding round led by Union Square
What happened
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Why it matters
The investment marks Union Square Ventures’s first B2B investment in Latin America, according to partner John Buttrick. The New York-based firm has also backed the likes of fintech giants such as Coinbase and Stripe.
The equity financing comes after Mundi secured a $100 million warehouse line from Silicon Valley Bank, and brings the startup’s total raised to $125 million in debt and equity since its 2020 inception. While it is remote-first, Mundi does have operations in Mexico City.
The startup built its platform from scratch with the goal of underwriting SME exporters in Mexico. It works by offering them working capital by paying them upfront so they don’t have to wait 30, 60 or 90 days to get paid, noted CEO and co-founder Martin Pustilnick.
This news brief is based on reporting published by TechCrunch on 2022-02-15. The original report is linked below.
TechCrunch
https://techcrunch.com/2022/02/15/mundi-raises-16m-to-grow-its-modern-financial-platform-for-cross-border-trade/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
