Madrid-based Lana, a personal finance platform, has secured $12 million in Series A funding. Base10 Partners led the round with participation from Cabify and Cathay Innovation.
GLOBAL – August 17th, 2020 — Personal finance platform Lana, developed for the traditionally underbanked population in Latin America, announced that it has secured a $12M Series A, led by Base10 Partners with participation from mobility company Cabify and global VC Cathay Innovation (via its C.Entrepreneurs fund). This funding round reinforces Lana’s promotion of financial inclusion across Latin America and brings access to financial services to gig economy workers across the region.
“Lana aims to connect people in Latin America that have been traditionally excluded or underserved by incumbent banks with payments and other financial services more adapted to their needs. A large share of the population in this region doesn’t have access to financial services or if they do, they don’t take full advantage of them because they are not appropriately ‘designed for them’ and don’t fit their needs. This reality makes reducing inequality, and ensuring no one is left behind, even more complex. With the additional resources that we have secured in this round, thanks to our investors, we are in a great position to seize the opportunity to promote financial inclusion and close the current gap,” said Pablo Muñiz, CEO of Lana.
“Gig economy workers in Latin America are historically underbanked and the number of gig workers in the region is only growing,” said Adeyemi Ajao, Co-founder and Managing Partner at Base10 Partners. “We’re excited to be partnering with Lana as they automate the financial services industry in LatAm, increasing financial access for these critical workers and in turn changing the lives of millions of people who do not have the access they need and deserve”.
For its part, Cabify, a participant in the Global Compact and aligned with the 2030 Sustainable Development Goals of the United Nations, reaffirms its commitment to more sustainable development through its partnership with Lana.
“The widespread use of mobile devices will enable technology companies such as Lana to have a bigger positive impact on people’s everyday lives. We’re thrilled to be supporting Lana’s team in this early stage, especially considering that financial inclusion is a strategic asset when it comes to improving quality of life. This partnership allows us to reinforce our already strong commitment in Latin America,” noted Juan de Antonio, CEO of Cabify.
“At Cathay Innovation, we believe in the sustainable transformation of the world through innovation and technology. We are convinced that the financial inclusion brought by Lana will have a positive impact and unleash new opportunities for users across Latin America. We are proud to support Lana’s team of visionary and seasoned entrepreneurs and to foster the growth of Lana through our global ecosystem and extensive experience in fintech.” said Jacky Abitbol, Partner at Cathay Innovation.
Founded in Madrid in 2019, Lana aims to provide easy access to financial services through technology, with a strong initial focus on gig economy workers who use their mobile devices for work on a daily basis. Lana’s mobile app enables users to get real-time access to tailormade financial services on a single platform, empowering these gig workers to easily take control of their finances.
The company has already expanded into Mexico and Chile, with preparations underway for an upcoming launch in Peru. This Series A funding will enable Lana to continue to expand operations across Latin America and to hire top talent for its global team. “We are actively recruiting for engineering roles in Madrid, Chile, and Mexico. With our growing team, we will be able to fuel our customers’ growth, extend our product offering in existing markets, and to bring Lana’s vision to new markets” commented Muñiz.
Financial inclusion is critical to promote social development in regions like Latin America, and technology is a key driver of this expansion and optimization. In the past few months following the outbreak of COVID-19, Lana has played a key role in facilitating access to credit for thousands of gig-economy workers that were struggling financially in the wake of the pandemic.
Lana is a technology platform that allows customers to access payment and other financial services in an easier and safer way. Its mission is to connect financial services with the traditionally underserved and unbanked population in LatAm. Lana allows its users to save money, make transfers, pay for services or products, access insurances, credits and other financial products and pay online.
Base10 is a San Francisco-based early-stage venture firm investing in Automation for the Real Economy. Founded by Adeyemi Ajao and TJ Nahigian, the firm invests in technology companies that are bringing automation to sectors of the Real Economy, including industrial logistics, consumer logistics, restaurants, financial services, and sales & customer service. Portfolio companies include ThePillClub, Virtual Kitchen Company, Acquire, PopMenu, and others. Connect via base10.vc.
About Cathay Innovation
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital. It was founded around the shared conviction that supporting innovation entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs committed to the sustainable transformation of the world through innovation and technology. Such transformation is accelerated by leveraging Cathay Capital’s extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing, Shanghai and Singapore.
To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.
Cabify, leading multi-mobility company that has been a signatory member of the UN Global Compact since 2018, connects private users and companies with the means of transport that best suit their needs. The company has over 33 million registered users globally, over 400,000 collaborating drivers and 65,000 registered clients in its corporate division. Its main objective is to make cities a better place to live. For this, it aims at building a more efficient mobility through technology as well as a high-quality, multimodal and safe transport option.
Founded in 2011, in Madrid, Cabify extended, a few months later, to Latin America and is currently present in Argentina, Brazil, Chile, Colombia, Ecuador, Spain, Mexico, Panama, Peru, Uruguay and the Dominican Republic. Cabify adapts to the particularities of the almost 100 cities in which it operates. With an almost entirely Latino team, it stands out for betting on local talent, generating jobs in an industry that is being transformed by technology. Cabify, as part of its commitment to be a socially responsible company and in line with the SDGs, is the first it’s industry to offset 100% of the CO2 emissions generated by its operation.