IGNIA invested US$1.5m in Fondeadora, a Mexican open banking platform.

(Press Release) Mexico City, March 5, 2019: Fondeadora, the open banking platform that allows its users to manage their money through a digital banking app, by opening a bank account and obtaining a debit card, receives an investment of $ 1.5 million dollars led by IGNIA.

Fondeadora’s innovative solution is very efficient and allows its users to make transactions in terminals and points of sale, make electronic money transfers, make purchases through the Internet, and thus eliminate the discomforts and inefficiencies related to the traditional banking system.

The capital raised will allow Fondeadora to continue developing its platform, as well as preparing an important marketing campaign. The vision of the company is to create a banking ecosystem that is useful and free for any user.

Fondeadora already has more than 400,000 users and 15,000 people on the waiting list who will soon receive the initial product: the digital banking app, the bank account and the Fondeadora debit card.

“The fintech sector represents a very attractive opportunity for Mexico, a region where there is a market that needs open and equitable financial options. In IGNIA we have partnered with different business models, with exceptional entrepreneurs within the fintech sector. Fondeadora’s highly innovative solution has the potential to revolutionize the way Mexicans use banking services. Fondeadora´s team is taking advantage of this attractive opportunity to become a leader in the open digital financial system in Mexico”, said Fabrice Serfati, Managing Partner of IGNIA.

“Great success stories often come from atypical companies in nascent markets. In Mexico, 60% of the population does not have a bank account, while the remaining 40% has not received the attention it deserves from current competitors. IGNIA’s investment is betting that Fondeadora’s digital banking solution can be the key to generating a financial inclusion tsunami of banking in Mexico. We are now in a privileged strategic position, with great potential to become the regional leader in neo-banking”, highlighted Normam Müeller Co-Founder of Fondeadora.

About IGNIA

IGNIAis a venture capital firm that invests in high growth enterprises targeting the emerging middle class of Mexico. Founded in 2007, IGNIA has two funds with US$200 MM assets under management. IGNIA invests in sectors such as healthcare, fintech, financial services, education and basic services. For more information please visit: www.ignia.mx and @IGNIA_Fund.

About Fondeadora

Fondeadora is an alternative to traditional 100% digital banking. Anyone in Mexico can download an app and receive an international MasterCard at home to get rid of the lines, commissions and papers, allowing users to take control of their money, receive immediate notifications and view their expenses in detail.