Sr. Pago, a Mexican mPOS (mobile point of sale) company and one of two biggest businesses of the field in Mexico has announced the end of a $1 million seed round which includes technology veterans like Barrett Lyon and Jay Adelson from Silicon Valley.
About Sr. Pago
This funding is subsequent to the June launch of Sr. Pago Card System. It is a pioneer service in Americas which blends smartphone reader of credit cards with debit cards which can be loaded multiple times with payments that are accepted via a card reader. The Sr. Pago Card System is given to small businesses and individuals in Mexico in concurrence with Te Creemos and MasterCard. Such small businesses and individuals are frequently under served by traditional banking services.
According to the Sr. Pago Chief Executive Officer, Pablo Gonzalez Vargas, since his company is utilizing technology to radically change the informal cash centric financial ecosystem that encompasses the majority of the Mexican economy and also of other countries, it is a great pleasure to have a few of the highest echelon technology visionaries coming on board. He added that both Barrett and Jay bring with them a depth of entrepreneurial expertise when it came to creating successful technology firms. Vargas said that his company looks forward to their advice when it comes to expanding operations and garnering additional funds.
The secure Sr. Pago Card System offers chip centric debit cards along with a reader of chip cards which has the capability to connect to any tablet or smartphone. There is also an app for transaction management. This helps small businesses and individuals to accept payments via credit cards for services offered by them and also money transfer to debit cards operated by MasterCard (NYSE: MA). The card is accepted all over the world and can be utilized to make purchases. The associated card reader will be capable of processing both the orthodox cards with a magnetic strip and also the secured chip centric cards. It is apparent that this card reader is a lot more advanced than existing magnetic card readers.
According to Jay Adelson, Sr. Pago has all the important characteristics he searches for in startup. His list includes an elegant solution to a particular pain in the market, an expert team, excellent partnerships and innovative solutions to deliver a positive societal impact. He was extremely happy to see a company thriving outside the silicon technology ecosytem.