Increase, a technology company focused on the financial business, got US $ 3 million from international investors. The new shareholders of the company include Agrega Partners, Revolution’s Rise of the Rest Seed Fund, Grupo Supervielle, Mercado Libre Fund -the Mercado Libre corporate investment fund-, Arfintech and Lucens Capital.
The new investment has two objectives. On the one hand, accelerate the expansion that the company is having in Ecuador, where they have already begun to incorporate users, the Dominican Republic, Uruguay and Peru.
The second objective is related to the products that Increase is developing for its current user base, which seek to simplify and enhance how companies manage, control and integrate their payment flows.
The Increase team has 40 people and more than 25,000 businesses use their different solutions every day in Argentina. In the next 18 months it is expected to exceed 75 people and reach 100,000 businesses.
“For more than four years we have been focused on increasing the number of businesses that have technology that allows them to increase their margins and reduce their costs,” said Agustín Pagnoni, CTO of Increase, a company that has Sebastián Cadenas as CEO.
The first product of the firm was IncreaseCard, an online platform that simplifies the control of card sales received by businesses. It is used in more than 25,000 points of sale and allows retailers to know exactly the amount of money that will be deposited in their account each day of the month, avoiding uncertainty.
Some of its clients are Latam, Shell and Farmacity but more than 70% of the users are small businesses that.
The company has won the main competitions of Google, Visa at the regional level and has been highlighted by Luis Moreno, President of the IDB, as the success story of Argentina, at the last G20 Assembly held in Mendoza, Argentina.