As reported in Miami StartupDigest, Miami Beach-based SafetyPay recently closed a significant round of funding.
IFC, a member of the World Bank Group, is investing $7 million in SafetyPay, a company that through its secure payment system gives people in Latin America access to the lower prices and increased efficiency of online commerce, SafetyPay said in its press release.
SafetyPay enables consumers who may not have a credit card to buy online goods and services using their bank account. Merchants who use the system benefit from an expanded customer base and SafetyPay’s low transaction fees. Banks can offer their customers an attractive new service and generate revenues from their online banking facility, without any additional investment, said SafetyPay CEO Manuel Montero.
SafetyPay, which currently has partnerships with 84 banks in Latin America, is active in Mexico, Costa Rica, Brazil, and Colombia.