South Florida-based startup YellowPepper is encouraging merchants to jump on the mobile commerce bandwagon. Last month, YellowPepper rolled out its mobile-payment app, Yepex, in Mexico and Colombia. The startup is reaching out to merchants throughout the region to generate awareness on ways that m-commerce can work for them.
YellowPepper, a mobile virtual wallet startup aimed at the Latin American market, has closed $19 million in a Series C funding round, bringing its total funding to $34 million to date. The round was led by LIV Capital, a Mexican venture capital firm with approximately $130 million in assets under management. Also participating was Mexico Ventures, a program managed by Sun Mountain Capital, Fondo de Fondos, International Finance Corporation/World Bank Group and an existing group of strategic investors. Last month the company launched Yepex, which is being pitched as Latin America’s ‘mobile smart wallet’. The proceeds of this round will mainly be dedicated to its development and commercialization. Banamex, the 2nd largest bank in Mexico, was the first bank to try the Yepex app in a controlled pilot and will now launch a beta with users and merchants in Mexico.