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Santander backs Mexican mobile-payments startup ePesos

ePesos offers low-cost, short-term working-capital loans via a mobile wallet to unbanked small business owners in Mexico, where more than 60% of adults don’t have a bank account.

The Spanish bank led the $6 million funding round through its $200 million Santander InnoVentures fund.

VilCap Investments, Pomona Impact, Fiinlab and Sorenson Impact Foundation also participated. ePesos was part of Village Capital’s 2016 fintech startup cohort in Mexico, where it was chosen for a $75,000 investment from VilCap and Pomona.

The company is planning to expand its service to provide payroll advances to employees.

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