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    Young Costa Rican Entrepreneurs Raise One Million Dollars with their Startup

    The Costa Rican Fintech Zunify closes its pre-seed stage with which it developed the platform from scratch with its own technology

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    Zunify is a payment network that unifies the financial system and allows you to make payments at physical points of sale, e-commerce stores and remote payments in an easy and secure way. In a single application, the user can link all their bank accounts and enjoy exclusive promotions when making payments without using cards.

    “We are very excited to have successfully completed the pre-seed stage and now to be moving towards the next stage of investment that will allow us to consolidate ourselves as a company that comes to facilitate the user shopping experience and improve business operations in a safe”, assured Juan Monge, CEO of Zunify.

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    The money raised was used to develop the platform from scratch with proprietary technology and an infrastructure that meets high security standards and market demands. Users can now download the application to affiliate their accounts and businesses can take advantage of the benefits offered by Zunify.

    Payment option

    Currently, the network has three active issuers that will be offering Zunify as a payment option to more than 500,000 people. In addition, it has 60 business alliances, including businesses of all sizes and has been integrated into 5 point of sale systems, providing access to approximately 10,000 businesses.

    “Being a four-part model (issuers, acquirers, merchants and people), we decided to initially focus on the supply sides (issuers, acquirers and merchants), and then attract the demand side (consumers). In the following months we are going to work on the acquisition of more users and thus establish the network at a national level”, added Monge.

    Sponsorship

    “The development of Zunify has entailed being transparent and strict in the processes, we have built a data management infrastructure, ready to do integrations, identity validation, and many factors that require an injection of capital prior to going to market,” he said. Sofía Ortega, director of operations at Zunify.

    Costa Rican, Canadian and American investment

    One of Zunify’s investors is the Canadian firm Loyal VC. This company has invested in more than 200 startups in 46 countries. However, it is the first time they have invested in a Central American company. One of its objectives is to support startups that have a socially and environmentally sustainable vision and that have the capacity to continue expanding internationally. Thanks to the global vision that Zunify has had since its inception, Loyal VC has decided to invest in it.

    “At Loyal VC we fund companies based on their progress. Juan, Sofía, and the Zunify team have done an excellent job collaborating with key partners to enable them to implement a payment system at scale in their local market. They did and it’s working. People are registered. We have funded them through several investment rounds to date,” said Kamal Hassan, founding partner of Loyal VC. Fundraising has also come from other angel investors in the United States and Costa Rica.

    High-level technological knowledge and expertise

    Zunify has been developed by a team of Costa Rican professionals with high-level technological knowledge and expertise. The knowledge that Zunify’s human team has acquired thanks to their studies at universities such as the Technological Institute, the National University and the University of Costa Rica, have allowed the development of a service with the potential to be a solution in the financial market, not only nationally, if not also globally.

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