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Tuna raises $3M to address complexity of e-commerce payments in Latin America

Tuna is on a mission to ” fine tune ” the payments space in The countries of latin america and had given rise to two seed rounds totaling$ 3 million, led by Canary and by Atlantico.

Alex Tabor, Paul Ascher and Juan Pascual gather each other on the engineering team of Peixe Urbano, a company Tabor co-founded and he referred to as a “Groupon for Brazil.” While there, they came up with a action to use A/ B testing to create a way of dealing here with payments in different markets.

They eventually left Peixe Urbano and started Tuna in 2019 to make their own payment product which enables shopkeepers to use A/ B testing of credit cards processors and anti-fraud providers to optimize their payments processing with one integration and a no-code interface.

Tabor explained that the e-commerce landscape in The countries of latin america was consolidated, wanting few banks verified more of world markets. The address verification organization sellers use to verify a purchaser is who they say they are, involves sending information to a bank that is returned to the merchant with a orchestrate of knowing whether that pair is legitimate.

“In the U.S ., that score is used to determine if the purchaser is legit, but they didn’t implement that in The countries of latin america, ” he added. “Instead, shopkeepers in Latam have to tap into other organizations that have that data.”

That process involves manual analysis and constant adjusting due to fraud. Instead, Tuna’s A/ B evaluations between processors and anti-fraud providers in real duration and requires a guarantee that a decision to swap providers is based on objective data that considers all components of performance, like approbation charges, and not just fees.

Over the past year, the company supplemented 12 customers and realized its revenue increase 15%. It boasts a purchaser index that includes the large Brazilian fashion chain Riachuelo, and its scaffold integrates with others including VTEX, Magento and WooCommerce.

The share of e-commerce in overall retail is lower than 10 percentage in Latin America. Marcos Toledo, Canary’s organizing marriage, said via email that e-commerce in Latam is currently at an inflexion spot: not only has the world-wide pandemic drive more online acquires, but likewise fintech innovation that has occurred in recent years.

In Brazil alone, e-commerce marketings developed 73.88% in 2020, but Toledo said there was much room for improvement. What Tuna is building will help companies navigate the situation and make it easier for more customers to buy online.

Toledo met the Tuna team from his partner, Julio Vasconcellos, who was one of the co-founders of Peixe Urbano. When the conglomerate heard that the other Tuna co-founders were starting a business that was applying some of the optimization methods they had created at Peixe Urbano, but for every company, they verified it as an opportunity to get involved.

“The vast tech expertise that Alex, Paul and Juan bring to a very technical business is something that we really admire, as well as their vision to create a solution that can impact companies throughout Latin America, ” Toledo said. “The no-code solution that Tuna is building is exciting because it is scalable and can help companies not only get better boundaries, but also drive their developers to other efforts — and developers have been a very scarce workforce in the region.”

To meet demand for an e-commerce industry that beaten $200 billion in 2020, Tuna plans to use the new funding to build out the project team and germinate outbound customer success and R& D, Tabor said.

Up next, he wants to be able to show traction in payments optimization and facilitators in Brazil before moving on to other countries. He has identified Mexico, Colombia and Argentina as potential new markets.

Current and upcoming recent developments in Latin America’s portable swelling

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