Sr. Pago raises USD 1 million seed round

Tuesday 15 July 2014 10:34 CET | News

Sr. Pago (Señor Pago), a mobile point-of-sale (mPOS) service provider in Mexico, has unveiled the closing of a seed round of USD 1 million in funding that includes Silicon Valley tech veterans Jay Adelson and Barrett Lyon.

Jay Adelson is a serial entrepreneur, having built companies such as Equinix, Digg, Revision3 and SimpleGeo. In early 2013, he founded Opsmatic, where he currently serves as Chairman and Founder.

Barrett Lyon is the founder of four companies, including Prolexic Technologies (acquired by Akamai for over USD 400 million), Defense.Net (acquired by f5 Networks), XDN (acquired by Fortinet) and BitGravity (acquired by Tata Communications). He is a pioneer in the fields of security and networking and will be advising Sr. Pago in these areas.

The funding comes after the launch in June 2014 of the Sr. Pago Card System, a service in the Americas that combines a smartphone credit card reader with a debit card that can be reloaded with payments accepted through the card reader. Provided in conjunction with MasterCard and Te Creemos, the Sr. Pago Card System is provided to individuals and small businesses in Mexico that have been underserved by existing banking services.

The Sr. Pago Card System provides a secure, chip-based debit card, a chip card reader that connects to any smartphone or tablet, and an app for managing transactions. This enables individuals and small businesses to accept credit card payment for the services they provide, transfer that money to a MasterCard debit card, and then make purchases with the card at MasterCard’s worldwide acceptance. The card reader processes both traditional magnetic strip cards as well as chip-based cards.

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Keywords: Sr. Pago, seed round, mobile, point-of-sale, mPOS, Mexico, Jay Adelson, Barrett Lyon, Sr. Pago Card System, MasterCard, Te Creemos
Categories: Payments & Commerce
Countries: World
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