REWORTH selected by Barclays to participate in RISE and increases its seed capital to USD $6.6m
Summary
None CEO and Co-founder Raphael Kappeler highlights the profile of investors as a further endorsement of the business: Tough trading conditions demonstrate not just the resilience of our business model but its relevance to consumers in Mexico and beyond . . .Mexico City; 17 October 22 REWORTH, the Mexico-based startup that enables banks to offer cash-back services to retailers, today announced an extension to their seed funding to a total of USD $6.6 million, with participants including Magma, Justin Mateens JAM Fund and Sergio Furios Actyus Fund (including the K5 Fund and NOA Capital), as well as new angel investors including Alfonso de los Rios and Daniel Vogel.In a separate announcement, the company also confirmed its participation in Barclays Rise Growth Academy, the prestigious fintech startup growth programme which has helped companies raise an average of GPB50 million ($55 million) every year since its foundation in 2015. The fact that weve managed to (more than) double our seed funding during exceptionally tough economic conditions is a clear endorsement of the same. he said.Our ability to secure these milestones in the midst of unprecedented trading conditions demonstrate not just the resilience of our business model but its relevance to consumers in Mexico and beyond. REWORTH\xb4s objectives are ambitious in the next couple of months, we want to onboard one bank per month until the end of the year to a total of 6m card users, reduce integration time and set ourselves up to fully scale across Latin America, he says.The companys business model requires no initial investment for merchants, their cost is the reward they offer and it is applied once a purchase is made. Financial institutions pay a small fee only when they make money after a transaction is done, this removes entry barriers, allowing us to give consumers a wide range of rewards that are relevant to their everyday needs.