Investors have backed Switzerland-based FinTech startup KiWi to help the firm expand its small business payments and lending operations in Mexico, reports in BankingTech said Monday (Jan. 21).
The $3.2 million round was led by investiere and Polytech Ventures, while Symbiotics and the 1to4 Foundation also participated.
KiWi, the trading name for eBOP, has been operating in Mexico for several years and currently operates with about 20,000 customers in the market, reports noted. The firm enables businesses to accept electronic payments via mobile POS device. The company also integrates a financing service for small firms, using data from the POS tool to analyze cash flow.
“By combining payments and micro-credit, KiWi is one of the most promising initiatives for micro-finance,” said Vincent Dufrense, CRO and co-founder of Symbiotics, in a statement.
FinTechs that combine a POS solution with a financing offering are becoming more prevalent in the market for small business owners, with Square one of the biggest players in the field.
Most recently, Square launched a debit card for small businesses designed to manage cash flow, using funds that are instantly made available when a sale is made at a Square POS. The solution is one example of add-on back-office financial services designed to work with the point of sale. Square has also added financing via Square Capital.
In a recent interview with PYMNTS, AEVI VP of Content and Value-Added Services Nicky Koopman discussed the importance of add-on tools that integrate with a POS tool, particularly solutions for the back office like inventory management or human capital management.
“A different solution, or a mix of solutions, may work best for merchant profile ‘A’ versus merchant profile ‘B,’ and the developer working in tandem with the merchant acquirer or ISO can help tie together integrated merchant solutions,” she said earlier this month.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More