Axios Pro Exclusive Content

Mexico trade financing startup Mundi raises $15M

Sep 25, 2023
Illustration of hands reaching out but not shaking over a map of the U.S./Mexico border

Illustration: Sarah Grillo/Axios

Mundi, a fintech platform for Mexican importers and exporters, raised $15 million led by Haymaker Ventures, the company tells Axios exclusively.

Why it matters: Though cross-border trade has grown, access to capital remains a pain point for importers and exporters in Mexico.

Details: The new funding is a Series A extension and includes participation from Union Square Ventures, which led the initial financing.

  • GMO Ventures, Upper90, Colibri Ventures, Base10, Asymmetric Capital Partners, Gaingels, Mana Ventures and GSBackers also participated.

Background: Mundi launched in January 2020 to provide financing to Mexican companies participating in cross-border trade.

  • Since then, the company has expanded its product suite to include payments and collections, foreign exchange trading and hedging, and cargo insurance.
  • "Originally, we were just trade finance; then we started adding solutions one by one ... and now we are more a one-stop shop of financial services for cross-border trade," Mundi founder Martín Pustilnick says.

Zoom out: Since Mundi's launch, Mexico has grown to become the largest trade partner of the U.S.

  • But it's not just focusing on trade with the U.S. According to Pustilnick, Mundi has facilitated cross-border trade with over 40 countries worldwide.

Between the lines: Though it started in trade finance, Mundi's non-lending revenue has grown dramatically this year.

  • "We started the year doing around $3 million a month in TPV of non-lending products, and now we're doing around $14 million a month," Pustilnick says.
  • The company is on track to surpass $1 billion in total payment volume by year-end.

The intrigue: Mundi wasn't planning on raising additional funding until the fourth quarter, Pustilnick says, but Silicon Valley Bank's collapse this year accelerated that effort.

  • "We bank with SVB, and SVB is our main lender. ... So when the SVB crisis happened, we started getting inbound interest from people that wanted to see if we had survived," Pustilnick says. "That crisis made some equity conversations happen earlier than they would have."
Go deeper