Cubo, the Salvadoran fintech dedicated to fostering financial and technological inclusion in Central America, has successfully raised $3.5 million in funding from IDB Lab. This financial boost will facilitate Cubo's expansion into the Guatemalan market, allowing it to further develop its digital payment solutions tailored for micro, small, and medium-sized enterprises (MSMEs) in the region.
Empowering Women-Led Enterprises: Cubo's Impact on Inclusivity
Founded in 2021, Cubo has already made significant strides, connecting with over 10,000 businesses in Central America. Notably, 40% of these enterprises are led by women, aligning seamlessly with Cubo's overarching objective of regional inclusivity.
Cubo's versatile payment platform accommodates various transaction methods, including point-of-sale systems, payment links, and QR codes. This adaptability positions Cubo as a key player in the digital payment landscape, offering a range of solutions for businesses of different sizes.
Expanding Reach: Guatemala's Fertile Ground for Cubo
With successful operations in El Salvador and Panama, Cubo has officially launched its services in Guatemala, a market renowned for its potential in financial and technological inclusion within Central America. The country's diverse ecosystem of micro, small, and medium-sized enterprises (MSMEs) presents an ideal environment for Cubo's digital payment application.
Gabriel Gutiérrez, co-founder and CEO of Cubo, underscores the strategic significance of Guatemala, stating, "Our goal in Guatemala is to empower micro and small businesses through effective digital transformation, facilitating various payment methods and supporting their growth and consolidation."
Empowering Businesses Through Innovation
Cubo's commitment goes beyond facilitating transactions; it aims to provide advanced technological solutions that empower businesses, bringing MSMEs closer to tools facilitating effective digital transformation. The company's average monthly growth of 45% attests to the resonance of its offerings in the market.
Registration and activation on the Cubo platform are seamless, requiring users to download the application, register, and start accepting card payments instantly. The intuitive nature of Cubo's payment acceptance through POS, payment links, and QR codes adds to the platform's accessibility.
For those preferring in-person card payments, Cubo offers the Cubo POS, a portable, rechargeable, and secure device compatible with Visa or MasterCard, featuring Bluetooth connectivity to mobile devices.
Inclusivity at the Core: Impact on MSMEs in Central America
Cubo's impact on MSMEs in Central America is noteworthy, with over 10,000 affiliated businesses, 40% of which are led by women. The recent $3.5 million seed funding round, with the participation of BID Lab, the innovation lab of the Inter-American Development Bank Group, signifies a significant milestone for Cubo, marking the Lab's first investment in a fintech in Central America.
As Cubo continues its journey of innovation and expansion, it remains dedicated to leveling the playing field for businesses of all sizes. The application's user-friendly approach, coupled with its diverse payment solutions, makes it a valuable asset for businesses seeking to embrace digital transformation and enhance their financial capabilities.
Cubo's arrival in Guatemala signals a new chapter in the digital payment landscape in Central America. With its commitment to inclusivity, technological empowerment, and seamless user experiences. Cubo stands as a pioneer to the transformative potential of fintech in fostering economic growth and financial inclusion across the region.