Santander InnoVentures, the FinTech venture capital fund of Santander Group, has announced a $6 million investment in Mexican mobile payments startup ePesos.
The new funding will enable ePesos to continue growing its platform serving and supporting small and medium sized enterprises across Mexico.
Other institutional investors participating in the round include VilCap Investments, Pomona Impact, and Fiinlab, the innovation lab owned by Gentera.
The round also saw participation from Sorenson Impact Foundation, a social impact fund, which is making its first investment in Mexico.
This is the first investment in Latin America of Santander’s $200 million fund, which has already invested in 17 financial technology startups since launching in 2014.
Manuel Silva Martínez, head of investments at Santander InnoVentures, said: “Our investment in ePesos is a proof of our commitment to global financial inclusion and helping small businesses prosper – something Santander InnoVentures has made a priority.
“Our investment in ePesos is also an important stepping stone in strengthening our investment strategy in Latin America and we are excited about the opportunity to make a tangible difference in the region.”
Oscar Robles, founder and CEO of ePesos, added: “We are very excited about the progress we have made so far. With the continued support of our investors and strategic partners, we are confident that we are moving ahead with our mission to accelerate financial inclusion through payments technology in Latin America.”
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