Commerce operating system DEUNA has raised $30 million in a Series A funding round, the Silicon Valley-based company announced Friday (July 8).
According to a press release emailed to PYMNTS, the funding — which brings the company’s total financing to $37 million — will help DEUNA consolidate its presence in Mexico, Colombia, Ecuador, and Chile, hire new talent, invest further in its products and expand its user and customer base in the region.
“Founded in late 2020, DEUNA empowers eCommerce merchants to make online sales in LatAm quicker, easier and safer,” the company said in the release.
Its operating system gives local merchants a payments infrastructure that integrates into every major payments provider — companies that include PayPal, Kushki and Mercado Pago — as well as alternative payment methods such as Kueski, Aplazo, Oxxo and Baloto.
In addition, the platform also handles payment orchestration, payment processing, fraud prevention and life cycle management based on actionable user real-time analytics.
“Our product will flip eCommerce in the region,” said Jose Maria Serrano, co-founder of DEUNA. “We designed the first fully functional solution for vendors to truly enable a 1-click checkout experience. This is the front door to commerce 3.0 for our clients. DEUNA solves the conversion, fraud, and acceptance rate challenges with a single integration.”
Activant Capital led the funding round, which included participation from Valor Capital, Abstract Ventures, Acrew Capital, Upload Ventures (formerly Softbank Early Stage), as well as founders from Plaid, Kavak, Jeeves, Xepelin, iFood, R2 and others.
Online shopping expanded rapidly in Latin America during the pandemic, with payment preferences varying widely from country to country.
See also: eCommerce in Latin America Showing Hypergrowth
eCommerce adoption is increasing as well, with market penetration growing in Brazil, although many Latin Americans still prefer — or, in the case of the unbanked, rely on — cash to make their digital purchases.
Furthermore, eCommerce sales have been projected to maintain an annual growth rate of 30% until 2025, making the region’s eCommerce sector a hypergrowth market.
