Santander InnoVentures invests USD 6 million in ePesos for Mexican financial inclusion

ePesos has closed a USD 6 million investment round that will enable the company 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 startup is building the new payment rails for the underbanked and unbanked in Mexico. Through its platform, ePesos offers low-cost short-term working capital through a revolving line of credit to SMEs without a bank account. Borrowers receive and repay funds through a custom built mobile wallet.

This is the first investment in Latin America of Santander’s USD 200 million fund, which has already invested in 17 financial technology startups since launching in 2014.