Señor Pago, a Mexico City, Mexico-based mobile point of sale (mPOS) service, closed a seed round of $1m in funding.
Backers included Silicon Valley tech veterans Jay Adelson and Barrett Lyon.
The company intends to use the funds to expand operations.
Founded in 2010 and led by Pablo González Vargas, CEO, and Antonio Flores Aldama, CTO & COO, Señor Pago recently launched Sr. Pago Card System, which provides a chip-based debit card, a chip card reader that connects to any smartphone or tablet, and an app for managing transactions. The card reader will process both traditional magnetic strip cards as well as secure chip-based cards.
Provided in conjunction with MasterCard and Te Creemos, the system is offered to individuals and small businesses in Mexico that have been underserved by existing banking services.
The company has more than 3,000 customers and $700,000 in monthly transactions.