ALLVP exited WeexMobile, a Mexican MVNO targeting millennials, through a sale to Yonder Media Mobile.
(Press Release) Yonder Media Mobile has announced the acquisition of Weex Mobile, the leading millennial centric Mobile Virtual Network Operator (MVNO) from Mexico, to enter the Latin America region with a mission to democratize premium and localized content for mobile users around the world.
John Cooper, CEO of Weex Mobile says: “We have developed a thriving ecosystem of users, who are hungry for more experiences and entertainment. With the acquisition, leveraging our local expertise and Yonder Media Mobile’s technology and content creation know-how, I believe we are building the future of mobile in this country. I am delighted and looked forward to our future together.”
Weex Mobile was founded by Ricardo Suárez and John Cooper, serial entrepreneurs with previous successful startups, in 2016 at a time when Mexico loosened its telecommunication regulatory standards, while smartphone penetration rate was increasing. In 2017, after reaching the 100,000 user mark, the team launched the first independent wallet based on unique consumer insights: Weex Wallet. Yonder Media Mobile’s acquisition of Weex Mobile will allow Weex Wallet to operate independently and will be recognized as a spin-off, to be re-launched under a new brand.
“This business unit exit cannot be more than timely. Weex Wallet is the leading independent payment wallet in the country, and the spin-off will allow the Weex Wallet business to focus solely on expanding its fintech offerings in the largely underserved market”, says Federico Antoni, managing partner of ALLVP, one of Weex Mobile’s early investors since incorporation.
ALLVP is one of the most active Series A venture capital investing in Latin America. Across three portfolios, the fund has invested in thirty-one companies including high profile Fintech companies like Fintual, an online registered financial advisor and brokerdealer based in Chile, Alkanza, Visor, Prestadero, peer-to-peer lending platform in Mexico that transforms the banking system, and Cumplo, the leading peer-to-peer lending marketplace for SMEs in Latin America. The firm is a member of the Latin- American Venture Capital Association (LAVCA), the Mexican Private Equity Association (AMEXCAP) and Endeavor Investor Network.