MEXICO CITY--(BUSINESS WIRE)--Hola Cash recently launched the first checkout solution in LatAm that combines and orchestrates all the different payment methods, prevents fraud, and powers one-click checkout with a single integration.
In 2021, 44.2% of Mexicans regularly purchased from digital stores. According to data from the Mexican Association of Online Sales (AMVO), from 2019 to 2020, digital purchases increased 81% in the country; however, from 2015 until today, the average acceptance rate in digital transactions has been 65% or lower in Mexico, on top of that, in LatAm we are experiencing 80% cart abandonment rate at the final step of the checkout. Hola Cash’s Checkout Solution exceeds 90% approval rate and creates accounts for shoppers which decreases the checkout abandonment rate.
“In the last two years, we have developed technology that allows us to work with all the payment methods available, and we also achieved the lowest fraud rate in the market for online transactions,” said Leonardo Estrada, CEO and co-founder of Hola Cash. “Our mission - move money efficiently, quickly, and safely from point A to point B in LatAm - benefits precisely from this technology, which is available to all companies that sell online. We want to become the preferred checkout solution for LatAm companies and shoppers.”
Hola Cash has received $7.9 million in venture capital investment from Trilogy Equity Partners, PSL Ventures, Green D Ventures, Unlock Venture Partners, and many notable angel investors. The company is a spinout of Pioneer Square Labs, a U.S.-based startup studio and venture capital firm.
“Hola Cash has been able to understand and innovate around the enormous challenge faced by e-commerce businesses in Mexico and LatAm,” said Federico Ranero, board director of Hola Cash and COO of Kavak. “The e-commerce approval rate in Mexico does not exceed 65% and levels of fraud are worrying. Hola Cash has managed to increase approval to 90%, drastically reducing fraud when processing and validating transactions on its platform.”
By the end of 2022, Hola Cash plans to add more than 1,000 companies using its technology to process online payments, ensuring that at least one in four online shoppers in Mexico has tried Hola Cash.