Mundi Raises US$16 million in Series A Funding
After a year of growth and capital funding, financial cross-border trade services platform Mundi announced it secured an additional US$16 million in a Series A funding round led by Union Square Ventures. With a goal of underwriting SME exporters in Mexico, Mundi has played an indispensable role in the promotion and facilitation of trade between Mexico and the US.
“SMEs have major financial risks when trading internationally: lack of working capital, currency exposure and non-payment,” said CEO and Co-founder Martin Pustilnick. “We are committed to reducing the barriers to cross-border trade so companies can focus on selling their products and services.”
Seizing on the market opportunity created by continued supply chain disruptions and growing inflation rates, Mundi has been able to grow an average of 47 percent every month since the COVID-19 pandemic began. Demand from end of the year market activity forced the company to double its monthly operations, closing Dec. 2021 with over US$120 million in invoices for its customers. Eliminating the financial risk associated with cross-border trade has proved to be an important trade incentive for SME´s, increasing exports by 30 percent on average after six months.
With this new round of funding Mundi plans to launch new services and products, and employ an aggressive hiring campaign to support efforts towards customer acquisition and retention. Its new services will be supported by Nuvocargo, a logistics startup it helped fundraise last year with the purpose of simplifying the challenges of cross-border trade. The company also looks forward to the launch of a new product line, FX, which is meant to help manage multi-currency contracts and spot exchange rates.
FX will be “the first 100 percent digital offering in Latin America that allows companies of any size to lock in currency exchange rates up to one year in advance,” said Pustilnick. This singular market offer will protect Mundi customers from currency fluctuations, a financial solution “that will materially reduce trade barriers and costs to SMEs that seek to sell their products internationally,” said John Buttrick, Partner, Union Square Ventures.