Mexican Startup Mundi Raises $15M to Facilitate Cross-Border Trade

Financial services company Mundi announced that it raised $15 million in funding in a round led by VC firm Haymaker Ventures.

"The last 18 months have been a journey of learning to operate in a different context. We have gone through challenges, such as layoffs, the SVB crisis and much more," said Martin Pustilnick, Mundi co-founder. "I'm proud to say that we have emerged as a stronger team, focused on our mission to empower companies to trade globally."

Mundi, based in Mexico City and New York, facilitates cross-border trade for small to medium-sized import-export (SME) businesses. It provides financial products and services such as cargo insurance, digital currency exchange and multicurrency accounts.

According to a Haymaker Ventures blog post, Mundi was founded in 2019 by Sebastian Kontarovsky, Paulina Aguilar Vela, Martín Pustilnick and Juan Christensen, focusing mainly on facilitating trade in the Mexico trade corridor.

The Mexico trade corridor refers to trading between the United States, Mexico and Canada, a busy trade corridor that is highly regulated. For businesses looking to move products between the corridor, Mundi provides services that leverage technology to mitigate some of the business risks associated with international trade.

Before the latest raise, Mundi secured a $16 million Series A round in February 2022. The company then told Tech Crunch that it planned to launch an "aggressive" hiring initiative to reel more customers to its platform.