Mexico-based Sr. Pago (Señor Pago), a mobile point of sale (mPOS) service provider, has secured a seed funding of $1m from Silicon Valley technology veterans Jay Adelson and Barrett Lyon.
The fund raising follows the roll out of the Sr. Pago Card System in last month, the first service in the Americas that integrates a smartphone credit card reader with a debit card, which can be reloaded with payments accepted through the card reader.
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If offered in combination with MasterCard and Te Creemos, the Sr. Pago Card System is provided to individuals and small businesses in Mexico that have been underserved by existing banking services.
Sr. Pago CEO Pablo González Vargas said, "As we’re using technology to transform the informal cash-based financial ecosystem that comprises much of the economy of Mexico and other nations, we are pleased to have some of the top tech visionaries from the Silicon Valley onboard."
"Jay and Barrett bring years of entrepreneurial experience building successful technology companies, and we look forward to their counsel as we expand operations and secure additional funding."
The Sr. Pago Card System offers a secure, chip-based debit card, a chip card reader that links to any smartphone or tablet, and an app for executing transactions.
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By GlobalDataThe new card reader has been designed to process both traditional magnetic strip cards as well as secure chip-based cards, hence, it is more advanced than the existing magnetic-only readers.
Jay Adelson is a serial entrepreneur, having built companies such as Equinix, Digg, Revision3 and SimpleGeo, while Barrett Lyon is the founder of four companies, including Prolexic Technologies, Defense.Net, XDN, and BitGravity.
