Private debt investor Accial Capital led a US$21m debt round in ePesos, a Mexican fintech providing payroll advances. ePesos raised a Series A in 2017 from Santander InnoVentures with participation from Fiinlab, Pomona Impact, Sorenson Capital, and VilCap Investments.
(Press Release) ePesos the Mexican fintech that allows workers to have immediate access to their paycheck, regardless of payday, announced an investment of twenty-one million dollars for debt financing by Accial Capital, a private debt investor in tech-enabled loan portfolios in emerging markets.
Jared Miller, CEO of Accial Capital said investing in the company‘s portfolio will allow thousands of families in Mexico to smooth their income and achieve greater economic resiliency, especially in the challenging context of Covid-19.
In a statement, ePesos specified that the committed investment will serve to continue financing and developing the platform for the benefit of workers in Mexico by reaffirming its commitment to be a free support tool for companies and their employees, who are in unexpected situations, and thus prevent them from resorting to loans or credits that may affect their economy.
Through its platform, ePesos has been a great ally for various companies, allowing workers to have immediate access to their payroll from the comfort and security of their home, especially in times of uncertainty such as the one we are currently experiencing, given this, Oscar Robles, CEO of ePesos commented “We realized that today more than ever we need benefits that are really focused on workers, that is why we decided to go one step further and today we are presenting ePesos+ (ePesos plus)”.
With ePesos +, the company intends to go after the unbanked population and for those people who, due to problems with the credit bureau, would not have access to a benefit like this “Only 15% of workers have access to formal credit, forcing many to resort to pawn shops or informal lenders, ”said Robles. With ePesos + the employees will be able to advance up to three months of their net salary with a service cost of up to 38% per year, which they will be able to repay within a period of up to 12 months.
Because ePesos is the first Fintech in Mexico that offers a benefit that companies can provide to their employees without generating extra costs and since it is not a credit and does not generate debt, it has become one of the technological solutions for those who seek to offer more and favor their workforce.
About ePesos
We are a technology company that helps employees from our partner companies obtain immediate access to their paycheck when they need it most, and available 24/7/365. Our mission is to accelerate financial inclusion through a secure, high-impact, easy, digital platform with little data consumption and above all, compatible with any type of smartphone. 90% of the firms we work with are global.
About Accial Capital
Accial Capital is an impact-focused, tech-enabled investor in small business and consumer loan portfolios in Latin America and South East Asia. Accial Capital combines data, technology, capital and credit expertise to contribute to a world of widespread credit access and financial health.