Yuno, a Colombialifted a $10 million to bring businesses in Latin America a simple online payment solution that solves the problem of managing multiple payment methods and fraud detection tools, which can be costly and cumbersome to manage.
Businesses of all sizes across Latin America are continually facing challenges in managing multiple payment methods and fraud detection tools to accept payments online. A fragmented and complex market means that a single solution does not solve all their problems. Businesses are forced to integrate many different payment providers due to low acceptance, high fraud rate and low conversion rates. Additionally, the region has seen an increase in new alternative payment methods which have compounded the problem. “Accepting and optimizing online payments shouldn’t be a chore for businesses. We want to create the ultimate solution to help them make online payment quick, easy and secure so businesses can focus on their core business,” says Julián Núñez, co-founder of Yuno.
Yuno already works with several large e-commerce companies in Latin Americahelping them reallocate resources from payments and fraud to their core business while dramatically improving their checkout conversions.
The company is led by world-class and experienced members from companies such as Rappi, Ingenico, Worldpay, McKinsey & Co. and MasterCard. “We are focused on recruiting the most talented people in the region to continue to seize this huge opportunity across Latam. We have already encountered the problem of optimizing payments at Rappi and have created a successful solution for the company. Now we are committed to bringing the solution to market to ensure that no other company suffers from the same problem in the future,” says Juan Pablo Ortegaco-founder of Yuno.
Ortega and Núñez met at Rappi while working together on the payments team, solving this problem as the company expanded into 9 different countries. Ortega built and scaled Rappi’s payments and fraud teams and capabilities while architecting Rappi’s financial services arm, RappiBank. Núñez created Rappi’s one-click payment, Paga con Rappi, and led Rappi’s e-commerce business unit.
Andreessen Horowitz, a Silicon Valley-based venture capital firm, provided initial investment to Yuno under the company’s fintech startup founder program.
Kaszek, who co-led the round, has become the largest Latin American-based seed venture capital fund, led by the founding members of Free market and Mercado Pago. The company that recently raised a US$1 billion fund is one of the first investors in Nubank, Kavak, Quinto Andar, and Bitso. “Yuno is an extraordinary and unique company, given the level of experience, technical expertise and boldness to seize great opportunities. They solve a key problem for the future of the region,” says Nicholas Bermanpartner at Kaszek.
Monashees, which co-led the investment, is one of Latin America pioneering start-up company with nearly two decades of successful investment experience in the region. The company has invested in extraordinary companies such as Rappi, Loft and Ualá. “Latin America The payment ecosystem has gone through a radical digitization process over the past two years. However, how merchants get paid, how those payments are orchestrated, and how to deliver a seamless experience to customers still present huge challenges. It’s a multi-billion dollar problem in the region, and Yuno’s approach will be the solution,” said Fabiola Quinzaños, director of Monashees.
Nazca, Latitude, OneVC, Opera Ventures, Saurabh Guptapartner of DST Global, and angel investors, including Simon BorreroCo-founder and CEO of Rappi, Ricardo Weder de Justo, Sujay Tile de Merama, Gerry Giacomán Colyer de Clara, Enrique Villamarin de Tul, Marie Echeverri of Muni and the Bilbao brothers also invested in Yuno.