Financial technology startup YellowPepper announced Thursday it closed a $12.5 million investment round led by Visa. YellowPepper, which operates a mobile banking and payments platform in six Latin American countries, currently has more than 40 employees, and says it plans to add up to 10 senior-level positions in Miami with the new funds.
“YellowPepper has revolutionized the digital payment process for companies and consumers in Latin America,” said Eduardo Coello, regional president for Visa Latin America and the Caribbean, in a statement. “Through our investment in YellowPepper, we want to bring the best of Visa’s technology and capabilities to a broader set of partners and clients across the region. YellowPepper’s extensive experience in the region and the strength of their existing client base makes them an ideal partner to build the future of payments.”
Founded in Boston in 2004 by Belgium-born Serge Elkiner, the company moved to Miami to better access the LatAm market. YellowPepper now has over 6.6 million monthly active users that execute 480 million transactions anually, while connecting them with more than 400,000 merchants. Their main office is now in Wynwood.
The newest round takes YellowPepper's total funding raised to more than $50 million.
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“We have been the go-to service for all major financial institutions and retailers for years and now are expanding our secure and efficient technology to build out a robust ecosystem within Latin America to make interacting with, managing and accepting cashless payments as easy as possible,” Elkiner said in a statement.