Argentinian payments processor Tapi is expanding into the Mexican market after securing $22 million in funding.
The Series A funding round was led by Kaszek, with participation from Andreessen Horowitz, which previously led a seed round in 2022, according to Bloomberg.
Tapi currently processes payments for fintech companies in five countries, catering to well-known clients like Mercado Pago and cryptocurrency exchange Lemon. The company anticipates processing approximately $400 million this year, a figure that represents a fourfold increase compared to 2023.
CEO Tomas Mindlin expressed to Bloomberg that he expects Mexico to emerge as Tapi’s fastest-growing market in the near future. He stated, “We’re going to be working with the fintechs that are going to grow the most, continue to do the most financial inclusion, and transform cash to digital payments, so Mexico is very important for us.
“I’d say in a year from now we’ll have 80% of the banked population in Mexico working with our infrastructure.”