Mexico Fintech Cuenca Expects $50 Million in Fresh Funding Round

Mexico’s Cuenca, a mobile payment company, expects to close a $50 million financing round in the second quarter that will allow it to speed up expansion plans, Chief Executive Officer Matin Tamizi said.

Cuenca now has close to 500,000 registered users in Mexico after a brief drop in activity in early 2020 as the Covid-19 pandemic started to hit the economy, Tamizi told Bloomberg News in a virtual interview. New U.S. investors have lined up for the new round, he said, but declined to give further detail.

Cuenca, which offers online banking transfers and deposits, started in 2018 around ...