Mundi, a financial services platform for cross-border trade, announced it has raised $16 million in a Series A funding round led by Union Square Ventures. The investment marks Union Square Ventures’s first B2B investment in Latin America. The New York-based firm has also backed the likes of fintech giants such as Coinbase and Stripe. The equity financing comes after Mundi secured a $100 million warehouse line from Silicon Valley Bank and brings the startup’s total raised to $125 million in debt and equity since its 2020 inception. While it is remote-first, Mundi does have operations in Mexico City. The startup built its platform from scratch with the goal of underwriting SME exporters in Mexico. It works by offering them working capital by paying them upfront, so they don’t have to wait 30, 60 or 90 days to get paid. Mundi was founded in January 2020 and launched in July 2020. From December 2020 to December 2021, the company says it grew monthly TPV (total processed value) 25x YoY and processed over $120 million in invoices for its customers. Mundi plans to use its equity to invest in launching new products, “aggressive” hiring and toward customer acquisition and retention. The debt capital will go toward underwriting SMEs. The startup currently has about 130 employees, most of which are remote.
Mundi soon plans to launch a new product line, FX, focused on multi-currency management with forward contracts and spot exchange rates. Those new financial services are designed to allow its customers to protect their operation against currency fluctuations and will be available in real-time through Mundi’s web-based platform. The round also included participation from Upper90, FJ Labs, Base10 Partners, Exor, AndBank, Alleycorp, Operator Partners, Gilgamesh Ventures, and the Mexican bank Monex along with executives from Brex, C2FO, Wisetack and Addi.