Yuno raises US$10M seed to resolve online payments in Latin America

Yuno, a Colombia startup based in the United States has raised $1.5 million. US$10 million seed round to offer Latin American companies an online checkout solution that eliminates the need to manage multiple payment methods and fraud detection tools. This can be both costly and difficult to manage.

All sizes of companies across the globe Latin America there are constant challenges when it comes to managing multiple payment options and fraud detection tools that allow online payments. A fragmented and complex market makes that a single solution doesn’t solve all their problems. Due to low acceptance rates, high fraud and low conversion rates, companies are forced into integrating multiple payment providers. The problem has been exacerbated by the rise in alternative payment methods. “Accepting and optimizing online payments shouldn’t be a pain for companies. We want to build the ultimate solution to help them make online checkout fast, easy and safe so that companies can focus on their core business,” says Julián Núñez, co-founder at Yuno.

Yuno has already been working with several large-sized E-commerce companies. Latin AmericaThey can also redirect resources from fraud and payments to their core business while dramatically improving checkout conversions.

The company is led by world-class and experienced members coming from companies like Rappi, Ingenico, Worldpay, McKinsey & Co., and MasterCard. “We are focused on bringing the most talented people in the region to continue tackling this huge opportunity across Latam. We’ve already solved the problem of optimizing Rappi’s payments and created a solution that worked. Now we are committed to bringing the solution to the market to make sure no other company suffers that same pain point in the future,” Juan Pablo Ortega, co-founder at Yuno.

Ortega and Núñez met at Rappi while working together in the payments team, solving this issue while the company was expanding to 9 different countries. Ortega built and scaled Rappi’s Payments and Fraud teams and capabilities while architecting the buildout of Rappi’s financial services arm, RappiBank. Núñez created Rappi’s one-click checkout, Paga con Rappi, and led Rappi’s e-commerce business unit.

Andreessen Horowitz, a VC firm based in Silicon Valley, provided an initial investment for Yuno as part of the firm’s program for fintech startup founders.

Kaszek, co-lead the round, is now the largest Latin American-based early-stage venture capital funds, managed by founder members Mercado Libre Mercado Pago. The company that just raised a US$1BFund is an early investor at Nubank, Kavak Quinto AndarBitso, and. “Yuno is an extraordinary and unique company, given the level of experience,   technical expertise and audacity to go after big opportunities. They are solving a key problem for the future of the region,” Nicolas Berman, partner at Kaszek.

Monashees was one of the investors. Latin America’sPioneer early-stage company with nearly two decades worth of success investing in the region. The firm has invested in extraordinary companies such as Rappi, Loft, and Ualá. “Latin America’s digitization of the payment industry has led to a dramatic transformation in the last two years. There are still many issues with merchants getting paid, how payments are made, and how seamless customers experience it. It’s a multi-billion dollar problem in the region, and Yuno’s approach will be the solution,” highlights Fabiola Quinzaños, principal at Monashees.

Nazca, Latitud, OneVC, Opera Ventures, Saurabh GuptaDST Global partner and angel investor, Including Simon BorreroRappi’s Co-founder and CEO. Ricardo Weder of Justo, Sujay Tile of Merama, Gerry Giacomán Colyer of Clara,  Enrique Villamarin of Tul, Maria EcheverriMuni and The BilbaoYuno was also purchased by two brothers.

 

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