Dapp, Mexican fintech, cites expansion plans

Mexico-based fintech Dapp has announced the close of a US$12.4m Series A funding round. The new funds will be used to solidify its position in the Mexican market, while also bolstering plans to expand its reach into other nations in the region and beyond.

The latest capital is being provided by two mutual funds, G2 Momentum Capital and Kalonia Venture Partners.

The co-founders Jorge Alfaro, Antonio Peláez, and Sergio Blando, say the priority is to expand in Mexico first, before spreading to other markets.

Dapp facilitates remittances between merchants, lenders, and their customers. Having registered over 20,000 B2B clients in less than one year, the firm believes that it can increase that to 240,000 in one more year.

It cites partnerships with the likes of Banco Azteca, Banregio, Citibanamex, and other big names as clear markers of the boom it hopes to see.