The International Finance Corporation (IFC), a member of the World Bank Group, is providing the entire amount for the Florida-based company, which currently operates in Canada, Europe, the U.S., and Latin America.
The money will be used to further SafetyPay’s presence in the Latin American market, where total online retail sales grew $35 billion between 2006 and 2011, with an average annual growth rate of 41%.
To learn more about SafetyPay, watch its FinovateSpring 2010 demo.
This adds to the funding we’ve seen in the past couple of weeks, with SigFig, ERN Global, and Meniga all pulling in significant amounts. Even though we’re in the heat of the mid-summertime fintech news slow down, American Banker’s recent post makes it clear that funding activity has been on an incline. It cites a study by the FinTech Innovation Lab, stating that since 2008 U.S. fintech companies have received a total of $9.03 billion through 1,314 deals. This number is expected to grow.
We’ll be sure to keep you posted as additional funding is announced.