The round was led by LIV Capital, a Mexican venture capital firm with approximately USD 130 million in assets under management. Also participating was Mexico Ventures, a program managed by Sun Mountain Capital (a US-based venture fund), Fondo de Fondos, International Finance Corporation / World Bank Group and an existing group of strategic investors.
In December 2014, YellowPepper launched Yepex, which is being pitched as a ‘mobile smart wallet’. The proceeds of this round will mainly be dedicated to its development and commercialization. Banamex, a financial services provider in Mexico, was the first bank to try the Yepex app in a controlled pilot and will now launch a beta with users and merchants in Mexico.
The Yepex wallet is an Android and iOS-based wallet where the users can store all their different debit and credit cards and start purchasing without giving away sensitive information (such as PAN, expiration date, CVV), but can instead transact with a unique token that can either be communicated to the merchant manually or via HCE or QR codes. By using this token system, neither merchants or nor customers need NFC-capable phones before they can do mobile payments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now