Mexico-based credit and payment platform ePesos has closed a $6m round led by Santander InnoVentures, the financial technology investment arm of financial services firm Santander.
Santander was joined in the round by Fiinlab, the innovation lab of insurance firm Gentera, as well as venture capital firm Village Capital and impact investment funds Sorenson Impact Foundation and Pomona Impact.
The developer of an online fintech platform, ePesos enables companies to offer credit to, or receive repayments from small businesses that do not have a bank account, through a secure digital wallet.
The company is also working with human resources software companies to provide payroll advances so employees can easily access funds.
A participant in Village Capital’s FinTech Mexico 2016 accelerator, ePesos received a $75,000 investment from VilCap Investments and Pomona Impact at its completion.
Manuel Silva Martínez, Santander InnoVentures’ head of investments,will join the company’s board of directors in conjunction with its investment.
Martinez said: “Our investment in ePesos is a proof of our commitment to global financial inclusion and helping small businesses prosper – something Santander InnoVentures has made a priority.
“Our investment in ePesos is also an important stepping stone in strengthening our investment strategy in Latin America and we are excited about the opportunity to make a tangible difference in the region.”