YellowPepper, a mobile banking company operating in 8 Latin American countries, completed a $5m equity investment led by the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
IFC commited $3m in the financing.
This investment, which brings the total amount raised to date to over $15m, will help the company further develop its product and expand its service to new markets.
Founded in 2004, YellowPepper has more than 2 million active users and currently offers services in Colombia, Peru, Ecuador, Guatemala, Dominican Republic, Bolivia, Haiti and Panama. The company is developing a clearinghouse for mobile payments, which is designed to allow mobile subscribers, retailers, billers, consumers and banks to interact on a common platform using the mobile phone.