Sr. Pago has announced the closing of a seed round of USD1 million in funding that includes Silicon Valley tech veterans Jay Adelson and Barrett Lyon.
The funding comes after the launch of the Sr. Pago Card System; the 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 will allow any individual 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.
“As we’re using technology to transform the informal cash-based financial ecosystem that comprises much of the economy of Mexico and other nations, we are pleased to have some of the top tech visionaries from the Silicon Valley on-board,” said Pablo González Vargas, CEO of Sr. Pago. “Jay and Barrett bring years of entrepreneurial experience building successful technology companies, and we look forward to their counsel as we expand operations and secure additional funding.”
“61% of the population of Mexico are unbanked, with their payment and spending transactions restricted to cash,” said Antonio Flores Aldama, CTO & COO of Sr. Pago. “These unbanked include middle class professionals, entrepreneurs and small businesses (architects, restaurant owners, lawyers, taxi drivers, door to door salespeople, business owners, etc.). Most of them also have smartphones which provides the opportunity for Sr. Pago to offer an innovative technology solution for them.”
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