Reworth expands its seed capital to 6.6 million

The startup of Mexican origin Reworth announced the increase of its seed capital for 6.6 million dollars, with the participation of the co-founders of two Mexican unicorns, Daniel Vogel from Bitso and Alfonso de los Ríos from Nowports, in addition to the collaboration of Ricardo Weder from Jüsto and the JAM funds from Justin Mateen, co-founder of Tinder; Actyus de Sergio Furiom, executive director of Creditas, among others.

The firm specialized in offering cashback services to banks, pointed out in a statement that it is in the process of consolidating in the Latin American market with its infrastructure of applied programming interfaces (APIs, for its acronym in English), they currently have a presence in Argentina, Colombia and Venezuela. They also highlighted the importance of loyalty tools in financial services in the current economic scenario.

“The difficult economic environment and, in particular, the high levels of inflation represent enormous challenges, not only for banks and merchants, but also for the consumers they serve,” said the CEO and co-founder of ReworthRaphael Kappeler.

The manager added that among the plans of the firm is to specify an expansion to more Latin American countries in addition to increasing its participation with other financial entities

“The goals of Reworth are ambitious in the next two months, we want to incorporate one bank per month until the end of the year to reach 6 million cardholders, reduce the integration time and prepare to expand throughout Latin America”, concluded Raphael.

For Reworth, the use of APIs It already represents benefits for the financial institutions involved, they point out that the data on operations carried out by customers allows personalized recommendations to be made from mobile banking applications or digital wallets.

“Through machine learning and artificial intelligence, predictive models of anonymous user purchase behavior are developed, it is expected to know what their next purchase will be, and push that reward within the financial institution’s APP,” he explained in an interview for El Economista , Joaquin Gonzalez, co-founder of Reworth

In addition, in a separate announcement, the firm confirmed its participation in the Barclays financial group’s “Rise Growth Academy” acceleration program for fintech startups, in such a way that they become the first Latin American company to be part of the program, whose benefits include mentorship, the support of a community of founders and access to financing to help companies scale globally. The program has in the past helped firms raise an average of $55 million annually since its founding in 2015.

kg