Columbia-based firm Yuno, an online checkout solution provider, has raked in $10m from a seed financing round.
The round saw participation from Monashees as well as Nazca, Latitud, Opera Ventures and OneVC. Angel investors who took part included Rappi CEO and co-founder Simon Borrero, Ricardo Weder of Justo, Clara’s Gerry Giacomán Colyer, Merama’s Sujay Tile and Muni’s Maria Echeverri.
According to FinTech Finance, Yuno is already working with several large-sized e-commerce companies in Latin America, helping them reallocate resources from payments and fraud into their core business while dramatically improving their checkout conversions.
Yuno co-founder Julian Núñez said, “Companies of all sizes across Latin America continuously face challenges in managing multiple payment methods and fraud detection tools for accepting online payments. A fragmented and complex market makes that a single solution doesn’t solve all their problems. Companies are forced to integrate many different payment providers because of low acceptance, high fraud, and low conversion rates.
“Furthermore, the region has seen an increase in new alternative payment methods that have worsened the problem. “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.”
Fellow Juno co-founder Juan Pablo Ortega added, “We are focused on bringing the most talented people in the region to continue tackling this huge opportunity across LatAm. We have already experienced the problem of optimising payments at Rappi and have created a successful solution for the company. 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.”
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