Nelo raises $3M to grow ‘buy now, pay later’ in Mexico

Buy now, pay later is a way of paying for purchases via installment loans that generally have no interest. The concept has grown in popularity in recent years, especially in markets such as the United States, Europe and Australia. Numerous players abound, all fighting for market share — from Affirm to Klarna to Afterpay, among others.

But notably, none of these bigger players have yet to penetrate another very large market — Latin America. Enter Nelo, a startup founded by former Uber international growth team leads, which is building buy now, pay later in Mexico. The company is already live with more than 45 merchants and over 150,000 users.

San Francisco-based fintech-focused VC firm Homebrew led its recent seed round of $3 million, which also included participation from Susa Ventures, Crossbeam, Rogue Capital, Unpopular Ventures and others. With the latest capital infusion, Nelo has raised a total of $5.6 million since its 2019 inception.

Nelo is not the only player in the Mexican market. A number of others, including Alchemy and Addi, have recently outlined plans for buy now, pay later offerings in the region. But where Nelo has an advantage, believes CEO Kyle Miller, is its established relationships with about 45 merchants.

“What I’m excited about is the relationship with the merchants,” Miller told TechCrunch. “If we find a large global one and increase conversion for them, that is our defensibility [against competitors]. What’s important here is signing on merchants, since they usually only have one offering in their checkout.”

He and co-founder Stephen Hebson used to work for Uber’s international growth team, growing financial services products in India, Mexico, China and Brazil.

“We got to see a cross market where countries were accelerating and where others weren’t,” Miller recalls. “For example, China was a leader in mobile payments and digital finance in India was completely transformed.”

Nelo co-founders Stephen Hebson and Kyle Miller; Image courtesy of Nelo

But in markets like Mexico, the percentage of cash payments for trips was very high. And to Miller and Hebson, this spelled opportunity.

Nelo launched its first product in Mexico in January 2020, similar to a debit card offering from a neobank. In the middle of the year, the company launched credit installment loans.

“It became immediately clear that it was going to be our most popular feature,” Miller said. “By the end of the year, it was the vast majority of our business and something that our users were telling their friends about. We were solving a real pain point.”

Indeed, cash remains the dominant method of payment in Mexico, with an estimated 86% of all payments being in the form of cash. According to eMarketer, the region was the fastest-growing e-commerce market in the world in 2020, with 37% year over year growth.

“Access to credit is something we take for granted in the U.S.,” Miller said. “By the end of the year, we realized this was the future of business, and we decided to focus just on credit.”

In March, Nelo launched its first product via an Android app and will be launching a web app soon.

Customers can use its offering like a credit card, connecting directly with merchants such as Netflix and Spotify. Many users are paying for things like utility bills and cell phone bills, turning them from prepaid to postpay.

With its current product, the company has lent about $2 million, and is seeing growth of about 20% month over month.

“We’re seeing massive demand for this new product in the way of organic signups,” Miller said, “for all the reasons Buy Now, Pay Later has been successful in markets like the U.S., Europe and Australia.”

Paying for installments is already common in Latin America, particularly in Brazil, so the concept is not foreign to residents in the region.

“We expected this is soon going to be a competitive market, so we’re hiring data scientists and engineers to continue improving our product, and grow,” Miller said.

Nelo has about 14 employees with an engineering team in New York.

Homebrew Partner Satya Patel says he’s excited about Nelo because he believes the startup “solves a serious problem related to the lack of credit for Mexican consumers.”

“Credit card penetration is less than 10% in Mexico and other forms of credit are effectively non-existent,” he wrote via email. “Nelo makes it possible for Mexicans to easily and inexpensively increase their purchasing power at the point of sale. And importantly, Nelo is delivering this solution online, supporting growing interest in e-commerce, and also offline, where consumers regularly shop today.”

Patel adds that what Nelo is building is valuable because he is not aware of any reliable, comprehensive consumer credit rating data set in Mexico.

“They are building underwriting models based on proprietary data and growing the merchant network at an incredible rate,” he said. “This buy now, pay later opportunity is untapped in Mexico but requires a very different approach than what has been successful in other markets.”

The Nelo team, according to Patel, understands the nuances of the market and “is executing at an exceptional pace.”

#bnpl, #finance, #financial-services, #fintech, #funding, #fundings-exits, #homebrew, #latin-america, #mexico, #mexico-city, #nelo, #payments, #recent-funding, #satya-patel, #startup, #startups, #venture-capital

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Minu, a Mexico City-based, pay-on-demand startup, lands a $14M Series A

Many of the startups raising capital in Mexico are focused on financial inclusion, aiming to level the playing field in a country that is largely unbanked and has a burgeoning middle class.

One such company, minu, a Mexico City-based, pay-on-demand startup, announced Wednesday that it has raised $14 million in a Series A round of funding led by FinTech Collective.

New investors VEF, XYZ Ventures, and FJ Labs, as well as DocuSign founder Tom Gonser and Gusto CFO Mike Dinsdale also participated in the financing. Existing backers QED, Next Billion Ventures, and Village Global also put more money in the company. 

The financing — which included $2.5 million in debt from Banco Sabadell Mexico — brings minu’s total raised since its 2019 inception to a total of $20 million. 

Co-founders Nima Pourshasb, Rafa Niell, and Paolo Rizzi were driven to build out a pay on demand offering in Mexico.

“We really think the lack of financial health is one of the key drivers slowing the potential and productivity of Mexican society,” Pourshasb said.

Minu aims to solve the employee liquidity gap between paychecks in an effort to help people see reduced financial stress and avoid expensive loans. The company offers 24×7 instant access to employees’ earned wages for a $2 fixed withdrawal fee.

Today, minu has over 100 large enterprise clients including TotalPlay, Telefonica, Scotiabank, OfficeMax, Rappi, Adecco, Manpower, Cap Gemini, and public sector clients such as the Electoral Institute of the State of Mexico. It saw its transaction volume and revenue grow by 18 times in 2020, albeit from a small base. The company declined to reveal hard revenue figures.

Minu operates under the premise that the liquidity gap is profound in Mexican society. An estimated 70% of workers live from paycheck to paycheck with average wages of $550/month, noted Pourshasb. And only 37% of Mexicans over 15 years old have a bank account, according to recent World Bank stats.

“Some people are continuously getting loans — at very high interest rates —  to cover recurring expenses such as food and transport,” Pourshasb said.

Minu’s first product offers instant, 24-7 access to earned wages.

“This is money that is already earned,” Pourshasb said. “Our users have an app to see how much is available and if they need those funds, they can instantly receive them.” 

The company’s distribution model is B2B so it works alongside large enterprises to offer access to the wages as a benefit for employees. Businesses are attracted to that model, Pourshasb explained, because they don’t have to pay for it or change their payroll process.

“We integrate with payroll so the process is automated and there’s no added work for them,” he added. “It also doesn’t affect cash flows. These are upfront funds so if someone withdraws money, it gets deducted from payroll.”

Some employers do subsidize the cost of the transaction fee for employees.

Looking ahead, minu says it will use its fresh capital to boost its headcount of 60 as well as expanding its offering to include financial education, savings, smart spend and insurance products. The company also plans to expand outside of Mexico.

Carlos Alonso Torras, who leads Latin America investing for New York-based FinTech Collective, believes that minu leverages “a strong combination of an exceptional founding team and auspicious macro trends.”

“We see the company’s current product as the basis for a platform that will offer an array of necessary financial products to a very underserved demographic,” he wrote via email. “Minu is already creating a moat vis a vis competitors via deep integrations, high client satisfaction and a broadening financial wellness offering. As the early mover in a market whose characteristics are conducive to the success of pay on demand, the immediate growth potential is remarkable, and Minu is uniquely positioned to excel.”

The investment marks the firm’s fifth in Mexico. Overall, FinTech Collective says it seeks and backs entrepreneurs “who are rewiring how money flows through the world.”

“Due to COVID, we are seeing a pandemic stricken world where hundreds of millions of people are facing greater financial instability, and we believe that fintech has a vital role to play in accelerating the emergence of a spending middle class underserved by traditional financial systems,” Torras added. 

Fintechs in Mexico have been busy. Last week, Stori raised a $32.5 million Series B round with the goal of “becoming Mexico’s leading credit card issuer for the rising middle class.”

Also in February, Flink raised $12 million in a Series A led by Silicon Valley-based venture capital firm Accel.

 

#banco-sabadell, #finance, #financial-inclusion, #financial-technology, #fintech-startup, #fj-labs, #funding, #fundings-exits, #latin-america, #mexico, #mexico-city, #payroll, #recent-funding, #startups, #tc, #venture-capital, #village-global, #xyz-ventures

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Stori raises $32.5M in a Lightspeed-led Series B to build Mexico’s credit card for the masses

While credit cards are commonplace in the United States, they are far less ubiquitous in many other countries, particularly those in Latin America. In Mexico in particular, cash remains the dominant method of payment with an estimated 86% of all payments being in the form of cash.

But card usage is growing as more people are shopping online than ever before. According to one recent study, Mexico topped the list of the world’s fastest growing e-commerce markets. Meanwhile, only 37% of Mexicans over 15 years old have a bank account, according to recent World Bank stats.

All these factors clearly make the country ripe for fintech innovation. 

And for the founders of Mexico City-based startup Stori, they spell opportunity.

From left to right, Stori founding team Juan Villaseñor, Marlene Garayzar, Bin Chen, Camila Burne

Stori launched its credit card product in Mexico in January 2020 and has so far had more than 1 million customers apply for a card. 

Several members of the founding team spent years at Capital One honing their skills in underwriting underserved populations while others worked at the likes of Mastercard, Morgan Stanley, GE Money, HSBC and Intel in Mexico and the U.S.

Now the company has raised a $32.5 million Series B round with the goal of “becoming Mexico’s leading credit card issuer for the rising middle class.”

Lightspeed Venture Partners led the company’s financing, which brings Stori’s total raised since its early 2018 inception to $50 million. According to Lightspeed Partner Mercedes Bent, the investment marked her firm’s first large investment in the Latin American region “with more to come.”

Existing backers Vision Plus Capital, BAI Capital and Source Code Capital also participated in the round.

Stori provides credit cards with “a 100% mobile app-based experience” to the rising middle income population in Mexico. The team spent its first two years building out the startup’s infrastructure and platform. 

In January 2021, the fintech’s monthly new customer growth was 14 times than what it saw in January 2020 and 6 times the company’s monthly average for 2020, according to co-founder Bin Chen. He declined to reveal its current total of customers.

Because the Mexican market is so huge (the country has a population of nearly 130 million), Stori is currently only focused on serving the country.

Just as in other parts of the world, Stori saw tailwinds in the COVID-19 pandemic in that it fueled customer demand for a way to pay digitally. 

“Consumers in Mexico are increasingly using e-commerce and app-based services like ride hailing and delivery and credit cards are the preferred payment methods in those channels,” Chen said. “They’re experiencing more cash flow fluctuation and irregular expenses and need access to flexible credit that can meet short term needs.”

And of course, during pandemic-related lockdowns, more people are turning to digital financial offerings to avoid visiting bank branches in person.

One commonality among all of Stori’s co-founders, according to Chen, is that each “comes from a modest background.”

“We all experienced the feeling of being excluded from the traditional financial service world. As an international student pursuing my master’s degree in Illinois more than twenty years ago, I was relying solely on teaching assistantship to cover my study and living expenses,” Chen recalled. “I often ran out of money, and had a hard time to make ends meet – I received many rejections before I got my first credit card.”

Similar to TomoCredit’s mission in the U.S., Stori’s founders are working to give middle and low-income customers that are “new to the formal financial system” an opportunity to access credit.

The company plans to use its new capital to grow its customer base, boost headcount and invest in product design, technology infrastructure and underwriting, said Chen, who previously worked at Capital One and Mastercard in both U.S. and emerging markets. Today, Stori has 80 employees spread across offices in Mexico, U.S. and China, up from 40 a year ago.

“Our goal is to become a leading digital bank for the underserved population in the region,” he said.

For its part, Lightspeed first met the company’s founders over a year ago.

“We were struck by the depth of their experience. They navigated the pitfalls of Covid masterfully — without the benefit of a US style stimulus — and showed that their underwriting models were strong and improving,” Bent said. “That is a reflection of the quality of the team.”

Yiran Liu, a partner at China-based Vision Plus Capital, says the firm led Stori’s Series A round and “continues to be super pro rata in this round.”

“We have a structural thesis on digital fintech models and are investing in these models globally, particularly in emerging markets,” Liu said in a written statement. “We are impressed by the team’s execution and excited by the local market opportunity as evidenced by the rapid growth.”

 

 

#credit-cards, #finance, #funding, #latin-america, #lightspeed-venture-partners, #mercedes-bent, #mexico, #mexico-city, #payments, #recent-funding, #startups, #stori, #venture-capital

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Valoreo closes on $50M to roll up LatAm e-commerce brands

A new breed of startups is acquiring and growing small but promising third-party merchants, and building out their own economies of scale.

And while there are a number of such startups based in the U.S. and Europe, none had emerged in the Latin American market. Until now.

Valoreo, a Mexico City-based acquirer of e-commerce businesses, announced Tuesday that it has raised $50 million of equity and debt financing in a seed funding round.

The dollar amount is large for a seed round by any standards, but most certainly ranks among the highest ever raised by a Latin American startup — further evidence of increased investor interest in the region’s burgeoning venture scene

Upper90, FJ Labs, Angel Ventures, Presight Capital and a slew of angel investors participated in the round. Those angels included David Geisen, head of Mercado Libre Mexico; BEA Systems’ co-founder Alfred Chuang; and Tushar Ahluwalia, founder of Razor Group, a European marketplace aggregator, among others.

Founded in late 2020, Valoreo aims to invest in, operate and scale e-commerce brands as part of its self-described mission “to bring better products at more affordable prices” to the Latin American consumer.

“We were substantially oversubscribed and were therefore able to select investors that not only provide capital, but also additional know-how in key areas,” said co-founder Alex Gruell.

Valoreo joins the growing number of startups focused on rolling up e-commerce brands.

The company’s model is similar to that of Thrasio — which just raised another $750 million–  and Perch in the U.S. But Valoreo says its approach has been tailored to “the specific needs of the Latin American market and is specifically focused on the Latin American end customer.”

Another new company in the space called Branded recently launched its own roll-up business on $150 million in funding. Others in the space include Berlin Brands Group, SellerX, Heyday and Heroes.

But as my colleague Ingrid Lunden points out, “the feverish pace of fundraising in the area of FBA roll-ups feels very much like a bubble in the market — not least because none of these still-young companies have yet to prove that the strategy to buy up and consolidate these sellers is a useful and profitable one.”

How it works

Valoreo (which the company says is an extension of the Spanish word “valor,” meaning to add value), acquires merchants that operate their own brands and primarily sell on online marketplaces such as Mercado Libre, Amazon and Linio. The company targets brands that offer “category-leading products” and which it believes have “significant growth potential.” It also develops brands in-house to offer a broader selection of products to the end customer.

Like Thrasio, Valoreo says it’s able to help entrepreneurs who may lack the resources and access to capital to take their businesses to the next level.

Co-founder and co-CEO Stefan Florea says the company takes less than five weeks typically from its initial contact with a seller to a final payout. 

Then, the acquired and developed brands are integrated into the company’s consolidated holding. By tapping its team of “specialists” in areas such as digital marketing and supply chain management, it claims to be able to help these brands “reach new heights” while giving the entrepreneurs behind the companies “an attractive exit,” or partial exit in some cases.

We have different structures, always taking into account the personal objectives of the seller,” Stefan Florea added.

Generally Valoreo acquires the majority of the business, with the purchase price typically being a combination of an upfront cash payment and a profit share component so sellers can still earn money.

Looking ahead, Valoreo plans to use its new capital mostly to acquire and develop “interesting” brands, as well as build out its current team of 10 while expanding its infrastructure and operations.

The company is currently focused on the Mexican and Brazilian markets, but is planning its expansion into other Latin American countries where it has strong local support systems, such as Colombia, according to co-founder Martin Florea.

Our mission is to be a pan-Latin American player providing value to the entire region,” Martin Florea said. “Latin America in general and Mexico in particular are in a distinct situation which provides phenomenal opportunities for e-commerce merchants on the one hand but also presents particular challenges on the other hand.”

Those challenges, according to Martin Florea, include limited access to growth capital, a lack of specialized expertise in certain areas (such as supply chain management), limited opportunities to sell their business and pursue new ventures, as well as operational burdens and the lack of capacities to expand into new countries and marketplaces.

Valoreo emphasizes it is not out to compete with Mercado Libre, Amazon and other regional marketplaces but instead wants to partner with them.

“Without these platforms, this opportunity would not exist,” Martin Florea said.

Hernán Fernández, founder and managing partner of Angel Ventures, believes Valoreo “will add a lot of value” to the Latin American e-commerce landscape, which is experiencing both market growth and the fragmentation of the seller space.

Jüsto co-founder and CEO (and Valoreo investor) Ricardo Weder notes that the e-commerce market is at an inflection point in Latin America. According to eMarketer, the region was the fastest-growing e-commerce market in the world in 2020, with 37% year over year growth. However, it is a much more fragmented and crowded market compared to other regions, such as the United States.

This, Valoreo believes, provides an opportunity for consolidation.

“There are still many consumers that are not aware of the great variety of outstanding local brands that sell innovative products on marketplaces online,” Stefan Florea said. “In the U.S. or Europe e-commerce is the new way of shopping, offering an even greater range of products and brands than offline shopping. We firmly believe it will not take long until end-customers in Mexico and across Latin America discover all the benefits that e-commerce offers.”

#amazon, #angel-ventures, #e-commerce, #ecommerce, #funding, #latin-america, #mercadolibre, #mexico, #mexico-city, #online-marketplace, #online-marketplaces, #recent-funding, #ricardo-weder, #startups, #thrasio, #valoreo

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Base Operations raises $2.2 million to modernize physical enterprise security

Typically when we talk about tech and security, the mind naturally jumps to cybersecurity. But equally important, especially for global companies with large, multinational organizations, is physical security – a key function at most medium-to-large enterprises, and yet one that to date, hasn’t really done much to take advantage of recent advances in technology. Enter Base Operations, a startup founded by risk management professional Cory Siskind in 2018. Base Operations just closed their $2.2 million seed funding round, and will use the money to capitalize on its recent launch of a street-level threat mapping platform for use in supporting enterprise security operations.

The funding, led by Good Growth Capital and including investors like Magma Partners, First In Capital, Gaingels and First Round Capital founder Howard Morgan, will be used primarily for hiring, as Base Operations looks to continue its team growth after doubling its employe base this past month. It’ll also be put to use extending and improving the company’s product, and growing the startup’s global footprint. I talked to Siskind about her company’s plans on the heels of this round, as well as the wider opportunity and how her company is serving the market in a novel way.

“What we do at Base Operations is help companies keep their people in operation secure with ‘Micro Intelligence,’ which is street-level threat assessments that facilitate a variety of routine security tasks in the travel security, real estate and supply chain security buckets,” Siskind explained. “Anything that the Chief Security Officer would be in charge of, but not cyber – so anything that intersects with the physical world.”

Siskind has first-hand experience about the complexity and challenges that enter into enterprise security, since she began her career working for global strategic risk consultancy firm Control Risks in Mexico City. Because of her time in the industry, she’s keenly aware of just how far physical and political security operations lag behind their cybersecurity counterparts. It’s an often-overlooked aspect of corporate risk management, particularly since in the past it’s been something that most employees at North American companies only ever encounter periodically, when their roles involve frequent travel. The events of the past couple of years have changed that, however.

“This was the last bastion of a company that hadn’t been optimized by a SaaS platform, basically, so there was some resistance and some allegiance to legacy players,” Siskind told me. “However, the events of 2020 sort of turned everything on its head, and companies realized that the security department ,and what happens in the physical world, is not just about compliance – it’s actually a strategic advantage to invest in those sort of services, because it helps you maintain business continuity.”

The COVID-19 pandemic, increased frequency and severity of natural disasters, and global political unrest all had significant impact on businesses worldwide in 2020, and Siskind says that this has proven a watershed moment in how enterprises consider physical security in their overall risk profile and strategic planning cycles.

“[Companies] have just realized that if you don’t invest and how to keep your operations running smoothly in the face of rising catastrophic events, you’re never going to achieve the the profits that you need, because it’s too choppy, and you have all sorts of problems,” she said.

Base Operations addresses this problem by taking available data from a range of sources and pulling it together to inform threat profiles. Their technology is all about making sense of the myriad stream of information we encounter daily – taking the wash of news that we sometimes associate with ‘doom-scrolling’ on social media, for instance, and combining it with other sources using machine learning to extrapolate actionable insights.

Those sources of information include “government statistics, social media, local news, data from partnerships, like NGOs and universities,” Siskind said. That data set powers their Micro Intelligence platform, and while the startup’s focus today is on helping enterprises keep people safe, while maintaining their operations, you can easily see how the same information could power everything from planning future geographical expansion, to tailoring product development to address specific markets.

Siskind saw there was a need for this kind of approach to an aspect of business that’s essential, but that has been relatively slow to adopt new technologies. From her vantage point two years ago, however, she couldn’t have anticipated just how urgent the need for better, more scalable enterprise security solutions would arise, and Base Operations now seems perfectly positioned to help with that need.

#artificial-intelligence, #computer-security, #cryptography, #data-security, #enterprise, #first-round-capital, #funding, #law-enforcement, #machine-learning, #magma-partners, #malware, #mexico-city, #real-estate, #risk-management, #saas, #security, #security-guard, #social-media, #startup, #tc

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Mexican online grocer Jüsto raises $65M in General Atlantic-led Series A

Jüsto, an online supermarket based in Mexico City, announced Tuesday it has raised $65 million in Series A round led by General Atlantic.

The amount is sizable for a Series A in general, but supersized for a LatAm startup. In fact, according to Pitchbook data cited by General Atlantic, the round represents the largest Series A raised in Latin America in the past decade.

Existing backers also participated in the round including Foundation Capital and Mountain Nazca.

Ricardo Weder, former president of Cabify (a large ride-sharing company operating in Latin America, Spain, and Portugal) founded Jüsto in 2019 with a mission to “disrupt the Latin American grocery industry.” It claims to be the first supermarket in Mexico with no physical store. Customers can buy their groceries directly from the website or via the app and Jüsto delivers the order to the customer’s location of choice.

The concept is clearly resonating with consumers as Jüsto saw impressive growth in 2020 with a 16-fold increase in revenue. 

Jüsto prides itself on working directly with fresh produce suppliers so that it can offer “the freshest” fruits, vegetables, meats and fish in the market. It also offers a variety of products such as pantry staples, personal hygiene and beauty, home and cleaning, drinks and pet-related items.

The startup only sells items from local suppliers, with whom it prides itself on developing fair trade agreements. (“Jüsto” means fair in Spanish) It also uses artificial intelligence to forecast demand and to try and reduce food waste at its micro-fulfillment centers. The company’s approach results in “competitive prices, lower transaction costs, and improved convenience to consumers by eliminating intermediaries in the supply chain,” according to the company.

Looking ahead, Jüsto plans to use its new capital on expanding across Mexico and Latin America as a whole, enhancing its last-mile logistics infrastructure and marketing initiatives.

Luis Cervantes, managing director and head of Mexico City for General Atlantic, believes Mexico is at an inflection point in its transition to a digital economy.

“We see Jüsto as leading the way in the high-growth online grocery space with its technology-centric, mission-driven approach,” he said in a written statement. “Under Ricardo’s leadership, we believe Jüsto is positioned for significant expansion as it disrupts and transforms the legacy grocery value chain.”

 Jüsto marks General Atlantic’s fifth investment in Mexico since 2014. Since then, General Atlantic has invested nearly USD $1 billion in what it describes as “high-growth” Mexican companies. 

The financing brings Jüsto’s total raised to over $100 million. Other investors include FEMSA Ventures, S7V, Elevar Equity, Bimbo Ventures, Quiet Capital, Sweet Capital, H2O Capital  and SV LatAm Capital, among others.

#artificial-intelligence, #ecommerce, #foundation-capital, #funding, #general-atlantic, #grocery-store, #justo, #latin-america, #mexico, #mexico-city, #recent-funding, #startups, #tc

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Miami-based Ironhack raises $20 million for its coding bootcamps as demand for coders continues

Ironhack, a company offering programming bootcamps across Europe and North and South America, has raised $20 million in its latest round of funding.

The Miami-based company with locations in Amsterdam, Barcelona, Berlin, Lisbon, Madrid, Mexico City, Miami, Paris and Sao Paulo said it will use the money to build out more virtual offerings to compliment the company’s campuses.

Over the next five years, 13 million jobs will be added to the tech industry in the U.S., according to Ironhack co-founder Ariel Quiñones. That’s in addition to another 20 million jobs that Quiñones expects to come from the growth of the technology sector in the EU.

Ironhack isn’t the only bootcamp to benefit from this growth. Last year, Lambda School raised $74 million for its coding education program.

Ironhack’s raised its latest round from Endeavor Catalyst, a fund that invests in entrepreneurs from emerging and underserved markets; Lumos Capital, which was formed by investors with a long history in education technology; Creas Capital, a Spanish impact investment firm; and Brighteye, a European edtech investor.

Prices for the company’s classes vary by country. In the U.S. an Ironhack bootcamp costs $12,000, while that figure is more like $3,000 for classes in Mexico City.

The company offers classes in subjects ranging from web development to UX/UI design and data analytics to cybersecurity, according to a statement. 

“We believe that practical skills training, a supportive global community and career development programs can give everyone, regardless of their education or employment history, the ability to write their stories through technology,” said Ariel Quiñones, co-founder of Ironhack.

Since its launch in 2013, the company has graduated more than 8,000 students, with a job placement rate of 89%, according to data collected as of July 2020. Companies who have employed Ironhack graudates include Capgemini, Siemens, and Santander, the company said.

 

#amsterdam, #barcelona, #berlin, #capgemini, #co-founder, #companies, #education-technology, #europe, #european-union, #ironhack, #lambda-school, #lisbon, #madrid, #mexico-city, #miami, #north-america, #paris, #santander, #sao-paulo, #siemens, #south-america, #tc, #united-states, #web-development

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Index ventures into Latin America to back Sofia, a Mexico City-based telemedicine and health insurer

Arturo Sanchez and his co-founders have spent the past two years developing the telemedicine and insurance platform, Sofia, as a way to give customers across Mexico better access to quality healthcare through their insurance plan.

Along with his co-founders, Sebastian Jimenez, a former Google employee who serves as the company’s chief product officer, and Manuel Andere an ex-Patreon employee who’s now Sofia’s chief technology officer, Sanchez  (a former Index Ventures employee) is on a path to provide low-cost insurance for middle class consumers across Latin America, starting in Mexico City.

Backing that vision are a clutch of regional and international investors including Kaszek Ventures, Ribbit Capital, and Index Ventures. When Index Ventures came in to lead the company’s $19 million round earlier this year, it was the first commitment that the venture firm had made in Latin America, but given the strength of the market, it likely won’t be their last.

In Sofia, Index has found a good foothold from which to expand its activity. The company which initially started as a telemedicine platform recently received approvals to operate as an insurer as well — part of a long-term vision for growth where it provides a full service health platform for customers.

Founded by three college friends who graduated from the Instituto Tecnológico Autónomo de México (Mexico’s version of MIT), the company initially launched with COVID-19 related telemedicine service as the pandemic took hold in Mexico.

That service was a placeholder for what Sanchez said was the broader company vision. And while that product alone had 10,000 users signed up for it, the new vision is broader.

“We registered as an insurance company because we want to go deeper into people’s health. We have built a telemedicine solution, which is a core component of the product. The goal is to be an integrated provider that provide primary care and handles more significant types of illnesses,” said Sanchez.

The company already has a core group of 100 physicians in Mexico City and initially will be serving the city with 70 different specialist areas.

All the virtual consultations are covered without an additional payment and in-person or specialty consultations come at a 30% reduced rate to an out-of-pocket payment, according to Sanchez.

Fees depend on age and gender, but Sanchez said a customer would typically pay around $500 per-year or roughly between $40 and $50 per-month.

The company covers 70% of the cost of most treatments that’s capped at $2,000 per-year and coverage maxes out at $75,000. “In Mexico that covers north of 98% of all illnesses or treatment episodes,” said Sanchez.

In Mexico, insurance is even less common than in the US.

90% of private health spend happens out of pocket. The problem that we’re trying to solve is for these people that are already spending money on healthcare but doing it in an unpredictable and risky way,” said Sanchez. “They buy [our service] and they have access to great quality healthcare that they buy it and it’s a significant step up from what they’ve been living with.”

 

#articles, #chief-technology-officer, #google, #heal, #healthcare, #insurance, #kaszek-ventures, #latin-america, #mexico, #mexico-city, #mit, #ribbit-capital, #science-and-technology, #tc, #technology, #telehealth, #telemedicine, #united-states

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Bridgefy launches end-to-end encrypted messaging for the app used during protests and disasters

Offline-messaging app Bridgefy — which innovatively uses Bluetooth and Wi-fi — became known as the go-to app by thousands of protesters around the world to keep communications going even when oppressive regimes blocked or shut down the Internet. Recently, activists in Nigeria and Thailand have urged supporters to download the app, as last year, when protesters in Hong Kong downloaded Bridgefy to face the government’s censorship of phone services or data connections. In the last 12 months, the startup says it’s reached 2 million downloads. And since the events of the weekend, when Turkey and Greece were hit by an earthquake, the app is now trending on app stores for those regions.

Bridgefy is now publishing a major new update, with a new, crucial feature for activists: end-to-end encrypted messages. This will allow people to securely send and receive messages when they don’t have access to data and will use the same encryption protocol used by Signal, Whatsapp and Facebook Messenger .

Bridgefy launched in 2014 (and appeared on the TechCrunch Disrupt stage in 2017) when the founders identified the problem of not being able to communicate during the earthquakes in Mexico City. It started as a mobile app, and an SDK was added a few years later so other apps could also work without the Internet. The Bridgefy SDK is now licensed to companies on an annual subscription model, based on user volume and is integrated by more than 40 companies across payments, messaging, gaming, social media, dating, and natural disaster apps. Technically-speaking, its competitors include GoTenna and the moth-ball gathering Firechat, although Bridgefy has become better known in the activist space.

The startup is now raising a Seed round and has already raised $800,000 USD, with investors including Twitter cofounder Biz Stone, Alchemist Accelerator and GAN Ventures.

#biz-stone, #bluetooth, #bridgefy, #cofounder, #computing, #europe, #facebook, #firechat, #mesh-networking, #messenger, #mexico-city, #nigeria, #operating-systems, #phone-services, #social-media, #software, #tc, #techcrunch, #thailand, #whatsapp, #wi-fi

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GAIA Design has raised more capital to become the West Elm of Mexico

Designing higher end furniture for Mexico’s rising middle and upper-middle class consumers has netted the Mexico City-based GAIA $15 million in a new round of funding.

The bridge round will take the company through to a much larger capital raise planned for 2021 as the company capitalizes on the growth of e-commerce in Mexico.

A 2019 report from JP Morgan put the e-commerce market in Mexico at around $22.6 billion, and that’s with online sales only accounting for just 1.7% of the overall retail market. JP Morgan expects the market to increase at a 12.6% growth rate annually.

As with everything else, the COVID-19 pandemic has accelerated the adoption of digital services as the country’s population looks to practice safe social distancing and reduce the spread of the virus. For those consumers who can afford to shop online — even for high value products like furniture — they are, according to GAIA chief executive Philippe Cahuzac.

At GAIA the new funding will be used to add new features to the company’s online service, including consultations with interior designers, the development of curated looks, and the ability for customers to create design sketches and visualizations for products in the home. The company expects to also double down on its sales and marketing efforts with the new cash.

GAIA’s funding also helps extend the company’s vision of supporting small and medium-sized Mexican furniture producers through financial products, training and revenue management tools and educational offerings.

With its investment, IDB Invest joins existing investors in the company including Rise Capital, Capital Invest, VARIV
Capital, French Partners, FJ Labs, and Warby Parker co-founder David Gilboa .

Launched by Raffaello Starace, Hassan Yassine, and Cahuzac the company started as an online retailer exclusively, but now has expanded to 15 showrooms in Monterrey, Mexico City, Guadalajara, Puebla and Queretaro.

“We want to offer a branded and frictionless urban experience to the modern Mexican consumer,” said Cahuzac in a statement. “In five years we built the leading digital player in the home category in Mexico.”

#david-gilboa, #fj-labs, #gaia, #mexico, #mexico-city, #rise-capital, #tc, #warby-parker

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Leading a $15 million round, Prosus Ventures makes the challenger bank Klar its first bet in Mexico

Klar, a new online bank based in Mexico City, has become the first big bet that Prosus Ventures (the firm formerly known as Naspers Ventures) is taking in Latin America outside of Brazil.

Founded by Stefan Moller, a former consultant at Bain & Co. who advised large banks, Klar blends Moller’s work experience in Mexico with his connections to the German banking world and the tech team at Berlin -based n26, to create a challenger bank offering deposit and credit services for Mexican customers.

The Mexican market is woefully underserved when it comes to the finance industry, according to Moller. Only 10% of Mexican adults have a credit card, something Moller said is the cheapest consumer lending instrument around.

That’s why Klar launched last year with both credit and debit services. The company has 200,000 banking customers and roughly 27,000 of those customers have taken out loans through the bank. A typical loan is roughly $110, according to Moller, and each loan comes with a 68% annual percentage rate. 

If that sounds usurious, that’s because it is — at least by U.S. standards. In the U.S. a typical credit card will run somewhere between 16% and 24%, according to data from WalletHub. In Mexico, Moller said the typical interest rate is 70% (no wonder only 10% of adults have credit cards).

Still, the opportunity to expand credit and debit services made sense to Prosus, which led the company’s Series A round alongside investors including the International Finance Corporation and former investors Quona capital, who led Klar´s SEED round, Mouro Capital (formerly Santander Innoventures) and aCrew.

Banafsheh Fathieh, the Prosus Ventures principal who led the investment for the firm, said that the commitment to Klar will likely be the first of many investments that her firm makes in the region — both in fintech and likely in Mexico’s tech ecosystem more broadly.

Prosus is famous for making early bets on emerging technology companies in developing markets. Perhaps most famously the firm’s parent company was an early investor in Tencent — a multi-million dollar bet that has generated billions in returns.

Before this investment, Prosus had confined its work in the Latin American region to investments in Brazilian technology companies like Creditas and Movile .

“Prosus Ventures partners with entrepreneurs that are solving big societal problems with technology, in a uniquely local way. We invest in sectors of the economy where technology can lead to meaningful change in the lives of consumers. Klar has identified a massive need in the Mexican financial market and brings a unique solution through their credit and debit offering,” said Banafsheh Fathieh from Prosus Ventures, in a statement. “In less than a year, the team has shown an ability to build a world-class digital bank for the masses, one focused on financial access and inclusion. We are very excited to partner with them on that mission.”

#bank, #banking, #berlin, #brazil, #credit-card, #creditas, #economy, #financial-technology, #latin-america, #mexico, #mexico-city, #mouro-capital, #movile, #n26, #naspers, #naspers-ventures, #online-bank, #prosus, #prosus-ventures, #tc, #technology, #tencent, #united-states

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Merging Airbnb and the traditional hotel model, Mexico City’s Casai raises $23 million to grow in Latin America

With travel and tourism rising across Latin America, Casai, a startup combining Airbnb single unit rentals with hotel room amenities, has raised $23 million to expand its business across Latin America.

The company, which initially was as hit hard by regional responses to the COVID-19 pandemic as other businesses in the hospitality industry has recovered to reach nearly 90 percent of total capacity on the 200 units it manages around Mexico City.

The company was co-founded by chief executive Nico Barawid, a former head of international expansion at Nova Credit and consultant with BCG, and chief operating officer María del Carmen Herrerías Salazar, who previously worked at one of Mexico’s largest hotel operators, Grupo Presidente.

The two met two years ago at a barbecue in Mexico City and began speaking about ways to update the hospitality industry taking the best of Airbnb’s short term rental model of individual units and pairing it with the quality control and standards that guests expect from a hotel chain.

“I wanted to define a product from a consumer angle,” said Barawid. “I wanted this to exist.”

Before the SARS-Cov-2 outbreak Casai’s units were primarily booked through travel partners like HotelTonight or Expedia. Now the company has a direct brisk direct booking business thanks to the work of its chief technology officer, a former engineer at Google named Andres Martinez.

The company’s new financing was led by Andreessen Horowitz and included additional commitments from the firm’s Cultural Leadership Fund, Kaszek Ventures, Monashees Capital, Global Founders Capital, Liquid 2 Ventures, and individual investors including the founders of Nova Credit, Loft, Kavak and Runa.

Casai also managed to nab a debt facility of up to $25 million from TriplePoint Capital, bringing its total cash haul to $48 million in equity and debt.

Image Credit: Casai

The big round is in part thanks to the company’s compelling value proposition, which offers guest not only places to stay equipped with a proprietary smart hardware hub and the Casai app, but also a Google Home, smart lights, and Chromecast-kitted televisions, but also a lounge where guests can stay ahead of their check-in or after check-out.

And while the company’s vision is focused on Latin America now, its management team definitely sees the opportunity to create a global brand and business.

The founding team also includes a chief revenue officer, Alberto Ramos, who worked at McKinsey and a chief growth officer, Daniel Hermann, who previously worked at the travel and lifestyle company, Selina. The head of design, Alexa Backal, used to work at GAIA Design, and its vice president of experience, Cristina Crespo, formerly ran WeWork’s international design studio.

“To successfully execute on this opportunity, a team needs to bring together expertise from consumer technology, design, hospitality, real estate and financial services to develop world-class operations needed to deliver on a first-class experience,” said Angela Strange, a general partner at Andreessen Horowitz, who’s taking a seat on the Casai board. “It was obvious when I met Nico and Maricarmen that they are operationally laser-focused and have uniquely blended expertise across verticals, with unique views on the consumer experience.”

#airbnb, #andreessen, #andreessen-horowitz, #angela-strange, #chief-operating-officer, #chief-technology-officer, #engineer, #financial-services, #general-partner, #global-founders-capital, #hoteltonight, #kaszek-ventures, #laser, #latin-america, #liquid-2-ventures, #mckinsey, #mexico, #mexico-city, #monashees-capital, #nova-credit, #real-estate, #runa, #selina, #sharing-economy, #tc, #tourism, #travel, #triplepoint-capital, #vacation-rental, #wework

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Jüsto adds another $5 million in funding to build its online, delivery-only grocery store for Latin America

As it begins expanding beyond its home base in Mexico City, the on-demand, online only grocery store Jüsto has  added another $5 million in early stage funding.

The new money came from Bimbo Ventures, the strategic investment arm of one of the world’s largest bakery companies, Bimbo, and Sweet Capital, the investment fund from the founders of King.com.

Over the summer, the company expanded its services beyond Mexico City to Carretaro and saw explosive growth. According to Jüsto co-founder and company spokesman Manolo Fernandez. With sales in the first week equaling what had taken the company 200 days to achieve in Mexico City. Tavarez said it was an indicator of the demand for the company’s service across the country.

The $5 million top-up comes only a few months after Jüsto raised $12 million in funding from a slew of well-known global and Latin American investors and shows just how robust the early stage investment scene in Latin America is becoming.

As the company expands it may look to engage in some joint ventures with delivery services in other countries to expand its footprint, according to Fernandez, but for now, the focus is on growing its footprint independently.

The company will look to open operations in cities in Colombia, Peru, and potentially Ecuador in the next year, Fernandez said.

#colombia, #companies, #ecuador, #justo, #king-com, #latin-america, #mexico, #mexico-city, #peru, #sweet-capital, #tc

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Miles, the app that offers rewards for traveling, expands to Latin America and Europe

These should be trying times for an app whose sole purpose is to collect information on where people travel and reward them for sharing it.

However, not only has Miles, the startup company founded by Jigar Shah, survived the pandemic, it managed to attract new capital from a strategic investor during the months where everyone has been sheltering in place and doing the one thing that should be an anathema to a Shah’s business… staying put.

The idea behind Miles is simple, as Shah puts it, every year consumers travel 25 trillion miles and they pay nearly $18 trillion dollars for the privilege. Miles offers rewards and incentives for different kinds of transportation by working with partners. And the company recently received a strategic investment from Liil Ventures, the corporate investment arm of Mexico City-based MobilityADO.

Already operating in North America and Japan, the company said that it would use the new investment to expand in the European Union and Latin America.

Interestingly, the company adapted to the new shelter in place restrictions put in place to mitigate the spread of the novel coronavirus COVID-19 as the disease swept across the world by encouraging users to stay at home and spend money with the nearly 200 app partners that are currently signed on to reward Miles users with points.

The company also instituted bonus miles for physical activities like walking, biking, and running giving users a twenty times bonus on the miles they earned.

In all miles users have redeemed over 500,000 rewards and received over $10 million in discounts. And the company is expanding its services through a partnership with the Jacksonville Transportation Authority to provide rewards to app-users that avail themselves of public transportation options.

While Miles rewards all travel, it gives bonuses for different, greener modes of transportation. Public transit riders can accumulate three times the Miles that would be awarded for their trip. Bike riders, pedestrians and joggers earn ten times the Miles points.

To date the company has raised roughly $7.4 million, according to Crunchbase .

#aol, #computing, #crunchbase, #european-union, #information-technology, #japan, #jigar-shah, #latin-america, #mexico-city, #north-america, #pinterest, #playstation-home, #public-transportation, #tc

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Mexico City’s Jüsto raises a $12 million bridge round for its delivery-only grocery stores

Jüsto, the Mexico City-based, delivery-only grocery store chain, has raised another $12 million in financing as it looks to expand its now pandemically relevant business of “dark stores” across the country.

The COVID-19 pandemic is changing consumer habits and increasing the use of delivery services across the world, and consumers in Mexico are no different.

A recent Nielsen study cited by the company found that 11 percent of respondents had purchased fresh food online for the first time in 2020, as lockdowns in cities across the world restricted movement for everyone but essential workers — with 70 percent of those surveyed saying they’d do it again within the year.

“Despite Covid-19 dramatically accelerating the curve of adoption of e-commerce, the penetration rate of e-grocers is still less than 1 percent,” in Latin America, according to Jüsto founder and chief executive, Ricardo Weder, in a statement. “That means there’s an enormous opportunity—and all the right conditions—to disrupt the grocery industry in Latin America.”

With the new bridge round, Jüsto’s financing has hit just over $20 million in less than a year. Part of that can be attributed to the pedigree of the company’s founder.

Weder was instrumental in Cabify’s growth in Latin America, according to Rodolfo Gonzalez, a partner at Foundation Capital, which led the firm’s investments into Jüsto. Gonzalez also saw the opportunity in the company’s business model.

“We’ve seen that type of model of warehouse and D2C for groceries be very successful in other geographies,” Gonzalez told Crunchbase, when Jüsto announced its previous $10 million seed round. “But that model didn’t quite exist in Mexico yet.”

Other investors in Jüsto’s round include Mountain NazcaFEMSA VenturesQuiet Capital, and 500 Startups.

The Mexican company prides itself on selling both local and international brands in categories, including fresh produce, dry goods, personal hygiene and beauty care, home and cleaning goods, beverages, organic food, and pet supplies.

“We have these darkstores and hold the delivery,” says Manolo Fernandez, a spokesperson and member of Jüsto’s founding team. “At traditional supermarkets the fill rates are lower and the product is less fresh. One of our core tenets is to reduce waste. We don’t have fruits and vegetables sitting outside in the store.”

Jüsto also claims that its prices come in at roughly equivalent to those of a regular supermarket. The company has delivery options ranging from express delivery, same day, and next day delivery.

The company isn’t the first startup to look at unused real estate and internet shopping habits and see an opportunity.

Darkstore is a company that has raised nearly $30 million to convert empty space into third-party fulfillment centers. Istanbul’s Getir, which recently raised $25 million from Sequoia’s Michael Moritz, is doing the same thing. And Samokat has adopted a similar strategy in Russia, promising over 3,000 SKUs and an under-45-minute delivery time fulfilled via their urban darkstores.

These companies are focused on being third-party logistics players for delivery rather than creating their own brands, but Jüsto shows that there’s an opportunity for purpose built direct to consumer grocery businesses to use the same infrastructure and create actual brand loyalty.

We have the technology, talent, and infrastructure to scale our expansion to more cities in Mexico and begin our international expansion, beginning with Colombiam” Weder said. 

#d2c, #darkstore, #e-commerce, #food-and-drink, #istanbul, #justo, #latin-america, #mexico, #mexico-city, #michael-moritz, #nielsen, #organic-food, #sequoia, #tc

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Belvo scores $10M from Founders Fund and Kaszek to scale its API for financial services

Belvo, a Latin American fintech startup which launched just 12 months ago, has already snagged funding from two of the biggest names in North and South American venture capital.

The company is aiming to expand the reach of its service that connects mobile applications in Mexico and Colombia to a customer’s banking information and now has some deep-pocketed investors to support its efforts. 

If the business model sounds familiar, that’s because it is. Belvo is borrowing a page from the Plaid playbook. It’s a strategy that ultimately netted the U.S. startup and its investors $5.3 billion when it was acquired by Visa in January of this year.

Belvo and its backers, who funneled $10 million into the year-old company, want to replicate Plaid’s success and open up an entire new range of financial services companies in Latin America.  

The round was co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek. With the new arsenal of capital complimented by the Founders Fund’s network and Kaszek’s deep knowledge of the Latin American market, Belvo hopes to triple its current team of 25 that is spread across operations in Mexico City and Barcelona. 

Since its initial establishment in May 2019, the company has raised a total of $13 million from Y Combinator (W20) along with some of the biggest players in Latin America’s startup scene. Those investors include David Velez, the co-founder of Brazil’s multi-billion dollar lending startup, Nubank; MAYA Capital and Venture Friends. 

The company’s co-founders, Pablo Viguera and Oriol Tintoré are no stranger to startups themselves. Viguera served as COO at European payments app Verse, and is a former general manager of one of the big European neo-banks, Revolut. Tintoré is a former NASA aerospace engineer, and while working for his Stanford MBA, founded Capella Space, an information collection startup that went on to raise over $50 million. 

The company said it aims to work with leading fintechs in Latin America, spanning across verticals like the neobanks, credit providers and personal finance products Latin Americans use every day.

Belvo has built a developer-first API platform that can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of open banking.

Viguera says the capital will be used to open a new office in Sao Paulo, and invest in new product and business development hires. Notably, Belvo is only one year old, having launched in January 2020 and operative in Mexico and Colombia. 

Co-founders Pablo Viguera and Oriol Tintoré are a former Revolut GM and former NASA aerospace engineer.

 

Belvo’s latest funding also marks another instance of a U.S.-Latin America investment teamup for a Latin American company.

Nuvocargo, a logistics startup that wants to bolster the Mexico – U.S. trade lane with its freight transportation technology, also recently raised a round co-led by Mexico’s ALLVP and Silicon Valley-based NFX. American investors may be starting to take note of the co-investment opportunity of putting capital into startups serving the Latin American market in partnership with successful new wave domestic funds like Mexico’s ALLVP and Argentina’s Kaszek.  

#aerospace, #api, #argentina, #banking, #barcelona, #belvo, #brazil, #capella-space, #co-founder, #colombia, #companies, #coo, #david-velez, #economy, #engineer, #finance, #fintech-startup, #founders-fund, #latin-america, #mexico, #mexico-city, #nubank, #nuvocargo, #revolut, #sao-paulo, #startup-company, #tc, #the-founders-fund, #united-states, #venture-capital, #visa, #y-combinator

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Omidyar-backed Spero Ventures invests in Mexico City’s Mati, a startup pitching ID-verification

Spero Ventures, the venture capital firm backed by eBay founder Pierre Omidyar, has gone to Mexico City for its latest investment, backing the identity verification technology developer Mati.

Launched in San Francisco, the two co-founders Filip Victor and Amaury Soviche, decided to relocate to Mexico because of its proximity to big, untapped markets in Mexico, Brazil, and Colombia.

“After developing the technology in San Francisco, we chose to start commercially in Latin America. It has been the perfect petri dish for us: the markets here, especially in Mexico, Brazil and Colombia, are very exciting. These countries have the highest payments fraud rates in the world, which makes their identity issues the most interesting,” said Victor in a statement.

The rise of a new generation of fintech startup across Latin America creates a unique opportunity for Mati in a number of markets — and so does a new generation of financial services regulations, the company said. “We view the fintech regulations sweeping across LatAm as an opportunity to help a lot of promising fintechs and marketplaces get to the next level”, Victor said.

Already working across three countries, with operations in Mexico City, St. Petersburg, and San Francisco, Mati is an example of the global scope that even very early stage companies can now achieve.

Identity verification is at the core of much of the modern gig economy and much of the social networking defining life during a pandemic.

The company said it will use the capital investment — it would not disclose the amount of money it raised — to continue product development and expand its geographic footprint.

The scope of the identity verification problem is what brought Spero to the table to discuss an investment, according to a statement from Shripriya Mahesh, the founding partner at Spero.

“For us, identity is foundational to scaling the vast array of gig economy, fintech, social, and commerce platforms that represent our collective future of work,” Mahesh said. “The ability to have safe and trusted interactions at an unprecedented scale, especially with people in places where national identity infrastructure is limited, will create opportunities and global connections we can’t yet even forecast.”

#brazil, #colombia, #ebay, #economy, #financial-technology, #fintech-startup, #latin-america, #mexico, #mexico-city, #partner, #pierre-omidyar, #san-francisco, #social-networking, #tc, #venture-capital

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