Pago (Señor Pago), one of the two largest mobile point of sale
(mPOS) services in Mexico, today announced the closing of a seed round
of $1 million in funding that includes Silicon Valley tech veterans Jay
Adelson and Barrett Lyon.
The funding comes after last month's launch of the Sr.
Pago Card System, the first service in the Americas that combines a
smartphone credit card reader with a debit card that can be reloaded
with payments accepted through the card reader. Provided in conjunction
Creemos, the Sr. Pago Card System is offered to
individuals and small businesses in Mexico that have been underserved by
existing banking services
"As we're using technology to transform the informal cash-based
financial ecosystem that comprises much of the economy of Mexico and
other nations, we are pleased to have some of the top tech visionaries
from the Silicon Valley onboard," said Pablo González Vargas, CEO of Sr.
Pago. "Jay and Barrett bring years of entrepreneurial experience
building successful technology companies, and we look forward to their
counsel as we expand operations and secure additional funding."
The Sr. Pago Card System provides a secure, chip-based debit card, a
chip card reader that connects to any smartphone or tablet, and an app
for managing transactions. This enables individuals and small businesses
to accept credit card payment for the services they provide, transfer
that money to a MasterCard debit card, and then make purchases with the
card at MasterCard's worldwide acceptance. The card reader will process
both traditional magnetic strip cards as well as secure chip-based
cards, so the card reader is significantly more advanced than existing
"Sr. Pago has the key characteristics I look for in a startup: an
innovative solution to a specific market pain, strategic partnerships, a
seasoned team, and a long-term vision that has a positive impact on
society," said Jay Adelson. "I'm especially excited to see this from a
company located outside of the traditional technology ecosystems such as
Jay Adelson is a serial entrepreneur, having built companies such as
Equinix (Nasdaq: EQIX), Digg, Revision3 and SimpleGeo. In early 2013, he
founded Opsmatic, where he currently serves as Chairman and Founder.
Barrett Lyon is the founder of four companies, including Prolexic
Technologies (acquired by Akamai for over $400M), Defense.Net (acquired
by f5 Networks), XDN, Inc. (acquired by Fortinet) and BitGravity, Inc.
(acquired by Tata Communications). He is a pioneer in the fields of
security and networking and will be advising Sr. Pago in these areas.
"61% of the population of Mexico (more than 73 million people) are
unbanked, with their payment and spending transactions restricted to
cash," said Antonio Flores Aldama, CTO & COO of Sr. Pago. "These
unbanked include middle class professionals, entrepreneurs and small
businesses (architects, restaurant owners, lawyers, taxi drivers, door
to door salespeople, business owners, etc.). Most of them also have
smartphones which provides the opportunity for Sr. Pago to offer an
innovative technology solution for them."
About Sr. PagoSr.
Pago is the first and only company in the Americas to enable
individuals and small businesses to have access to banking related
services via a MasterCard reloadable debit card without requiring a bank
account. Currently operating in Mexico, it is revolutionizing the
informal cash-based financial ecosystem that comprises much of the
country's economy. Its flagship product is a payment system that
provides a secure, chip-based debit card, a card reader that connects to
any smartphone or tablet, and an app for managing transactions. Based in
Mexico City, Sr. Pago was founded in 2010. The company is one of the two
largest mobile point of sale (mPOS) service in Mexico with more than
3,000 customers and $700,000 in monthly transactions.
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