UnDosTres raises $30 million to develop new financial products

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By Edlyn Cardoza

July 08, 2022

UnDosTres, the Mexican FinTech leader in airtime top-ups, service payments and entertainment purchases, announced the closing of a Series B investment round led by IDC Ventures for $30 million. New investors such as Telegraph Hill Capital, AI8 Ventures and Benber LP participated in the transaction, as did some of the company’s existing investors such as IGNIA and Dalus Capital. This is the third round of investment the company has received since its inception in 2015.

UnDosTres’ goal is to integrate financial solutions into a digital platform, which mitigates the inefficiencies associated with payments. The company’s growth plan includes the development of a digital financial product strategy based on technologies such as artificial intelligence and the promotion of differentiated payment ecosystems, which generate added value for the end consumer.

“We are very proud to close this round of financing led by IDC Ventures. This investment will allow us to offer Mexicans new payment options and financial services, including credit products,” said Arpit Guptaco-founder of UnDosTres. “UnDosTres has worked on innovative solutions to make life easier for Mexicans, eliminating the inefficiencies associated with traditional payments that involved a lot of time wasted in queues and unnecessary trips to multiple places like banks or convenience stores. We are sure that as a company, if we continue to solve payment problems, we will be integrated into the user’s daily life.”

The company was established in Mexico in 2015 by entrepreneurs Vikram Deswal, Naveen Sharma and Arpit Gupta. Since then, it has become one of the most important transactional platforms in the country; In the last twelve months alone, nearly one million users have used UnDosTres to make their payments. From the beginning, the company was committed to developing a platform that would solve the payment needs of Mexicans from the same place and without friction to use it, including more than 100 services, such as bill payment electricity, water, gas, television or mobile phone bills, among others. In addition, UnDosTres also allows the user to purchase thousands of products and services (gift cards, movie tickets, transportation, electronics, etc.) and is in an accelerated process of developing financial and technology products under the principle of “simple, fast, easy and safe” for the consumer.

“UnDosTres is building a great payment app, bringing innovative and intuitive digital products to Mexicans,” said alexander rodriguezManaging Partner at IDC Ventures. “We are thrilled to support a company that is actively improving the lives of so many people by revolutionizing the payments landscape in Mexico. To date, 85% of Mexicans have never made payments online, we expect that to change soon thanks to UnDosTres. »

“Through this investment and technology development, we will continue our consolidation and exposure as a digital consumer payment platform and the acceleration of a user-friendly solution for integrated financial services to reach 40% of Mexicans who have not yet made any online transactions.” Naveen Sharmathe co-founder of UnDosTresconcluded.

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