FinTech UnDosTres Raises $30M to Reach the 40% of Mexicans Who Don’t Transact Online

Digital payments platform UnDosTres has raised $30 million in a Series B funding round, the Mexico City-based company announced in a Wednesday (July 6) press release.

The FinTech, which provides offerings such as airtime top-ups, service payments and entertainment purchases, was founded in 2015 by entrepreneurs Vikram Deswal, Naveen Sharma and Arpit Gupta.

“With this investment and technology development, we will continue our consolidation and exposure as the digital consumer payments platform and the acceleration of a customer-friendly solution for integrated financial services to reach that 40% of Mexicans who have not yet made any online transactions,” Sharma said in the release.

The round was led by IDC Ventures, with participation from new investors Telegraph Hill Capital, AI8 Ventures and Benber LP, and existing investors IGNIA and Dalus Capita, the release stated.

Nearly 1 million users made payments via UnDosTres in the last 12 months, per the release. The platform is designed to help people in Mexico with more than 100 services, including payments of electricity bills, water, gas, television or cellphone bills.

UnDosTres also lets customers buy a range of products, such as gift cards and movie tickets. The company is also developing “financial and technological products under the premise of ‘simple, fast, easy and secure’ for the consumer,” according to the release.

The company said in the release that it has room to grow. IDC Ventures Managing Partner Alejandro Rodriguez noted that 85% of people in Mexico have never made online payments.

“We expect this to change soon thanks to UnDosTres,” he said in the release.

PYMNTS examined this trend last month in a conversation with executives from Uber and PayU about the rise of digitization in Latin America.

Read more: Uber, PayU Team Up to Break Latin America’s Cash Habit

The region’s cash reliance presents both a challenge and an opportunity to these companies, as consumers and gig workers don’t completely trust digital — but they do trust cash in hand.