OBOPAY Expands Its Fintech Services to Latin America with GoRed Tie-up
Aiming to enhance its international footprint and to provide end-to-end digital solutions to the users, OBOPAY, the global mobile payment solutions company, has announced a strategic deal with GoRed – a fintech firm based in Mexico. Expanding its fintech services for the first time ever to Latin America and to become a transaction switch for the region, OBOPAY will provide its “Evolys” payment platform to “GoRed”. As a part of the agreement, OBOPAY will manage end-to-end digital payment solutions for “GoRed” including bill pay services, micropayments, P2P, cash in, cash out, remittance, card acceptance, NFC payment capability etc.
“GoRed” is a Fintech company based in Mexico that offers products and services through a network of affiliated merchants and interconnected users in a digital ecosystem. Under the deal, OBOPAY’s Evolys platform will handle large transaction volume requirements of GoRed to help the company in achieving better cost-to-service ratios.
None of the existing Fintech companies in Mexico delivers the services provided by OBOPAY under the deal. Ever since the inception of “GoRed” in 2016, the company has built over a few thousand direct agent locations “mom & pop stores” through a selection process across several states. These act as micro ATMs and payment centers.
Mexico is one of the strategic markets with a population of 112.8 million according to the World Bank, of which approximately 60% is under the age of 25. Current Fintech companies present in the region either offer top ups & bill pay or/and are just aggregators and no single company has been able to cover all the payment solution needs. Considering such scenario, OBOPAY is aptly leveraging its payment platform to solve some of the digital solution needs of enterprises operating in the area.
Post utilizing OBOPAY’s services, Go Red, will be the first in the region to provide end to end solution from bill pay services, micropayments, P2P, Cash in, Cash Out, remittance, card acceptance, NFC payment capability etc.
Recent Updates in Fintech Space:
Earlier this month, Gurgaon based Fintech player MyLoanCare has received Rs. 6.5 crores in equity funding from Ncubate Capital Partners, a private investment arm of SAR Group family office.
Just yesterday, PaisaDukan.com, a P2P Lending marketplace owned by Mumbai based FinTech start-up BigWin Infotech has announced second round of seed funding and secured $225K through angel investment.
- In March, i2iFunding.com has raised second round of angel investment of about ₹5 crores, led by SucSEED Venture Partners, Manish Poddar, a serial entrepreneur and investor, and a group of angel investors from globally renowned consulting and private equity firms.
- Last month, Finzy has raised $1.3 million in first round of Pre Series A from investors in the industry.
- In April, Funding Societies (also known as Modalku in Indonesia), has raised $25 million in Series B funding, led by SoftBank Ventures Korea.
- In May, Chennai-based OpenTap, a fintech startup focusing on the alternate lending segment, has raised about ₹3 crore funding from HNIs (high networth individuals).
