Y Combinator invests $500K in Uruguayan Fintech Infinia
Summary
The fintech makes it easy for consumers to pay by bank, facilitating merchants to enable this payment method. With this feature, the fintech helps merchants/apps save up to 80% on credit card fees, enabling account-to-account payments across Latin America.The venture, created this year by Ianai Urwicz and Alejandro Rettig, was chosen along other startups 200 out of some 20,000 that applied. The acceleration and mentoring process will last four months, in hybrid format, at Y Combinators headquarters in San Francisco (California). Participation at YC comes with $500,000 from the accelerator.To-date, they already have 18 clients in Uruguay, Paraguay and Brazil, such as Mevuelo, Cer\xe1micas Castro and Barraca Paran\xe1. The platform works in online stores and its main differential is that it simplifies the payment process at the merchants checkout.It avoids the step of going out, going to the bank account and making the transaction there.