Mexico-based fintech firm UnDosTres has closed a $30m Series B investment round led by IDC Ventures.

The investment also saw the participation of Telegraph Hill Capital, AI8 Ventures and Benber. Existing investors including IGNIA and Dalus Capital also joined.

The latest investment represents the third round of financing secured by the company since its formation in 2015.

UnDosTres plans to use the capital to support growth and bolster its position in the digital payments and embedded financial services sector.

The company’s growth plan also includes the development of digital financial solutions using technologies such as artificial intelligence (AI) as well as encouraging payment ecosystems to provide additional value for end consumer.

UnDosTres co-founder Arpit Gupta said: “This investment will allow us to offer Mexicans new payment options and financial services, including credit products.

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“UnDosTres has worked on innovative solutions to make life easier for Mexicans, eliminating inefficiencies related to traditional payments that meant a great waste of time in lines and unnecessary trips to multiple places like banks or convenience stores…. We are sure that as a company, if we continue solving for payments, we will be integrated into the daily life of the user.”

IDC Ventures managing partner Alejandro Rodriguez said: “UnDosTres is building a super payments app, offering innovative and intuitive digital products to Mexicans.

“We are excited to support a company that is actively improving the lives of so many people by revolutionising the payments landscape in Mexico.

“As of today, 85% of Mexicans have never made online payments, we expect this to change soon thanks to UnDosTres.”