Mexico’s startup that offers women-focused financial services Lidh announced on Monday that it has raised $1.8 million in its first fundraising. The Seed round was led by Mexican angel investors and the European-based fund Growthbox Ventures.
Founded in 2020, Lidh offers an app, payment methods, and digital tools with a gender perspective that pledge to help women improve their finances. Through the app, users can organize expenses by category and save, transfer, pay, and receive funds. Lidh also has a debit card with a Mastercard banner waiting list.
Barbara Arredondo Ayala, a Lidh co-founder, said that with this round the firm will seek to expand and strengthen its team and its technological, and commercial capabilities in Mexico.
“Money is the main source of stress for women. More than 40% of women worldwide do not have a bank account, and 73% of those who do are dissatisfied with the services they receive. Access to gender-sensitive financial services is key to strengthening women’s economic growth, but also to ensure their security,” she said, in a press statement.
The founders believe that to solve the gender gap, financial education is key. Thus, Lidh Academy is the fintech’s digital education platform through which it offers financial training and advice to users.
Lidh’s medium-term goal is to become a gender-focused marketplace for financial services, which is why the fintech is currently developing a new financial education platform.
The app works on both iOS and Android. “Its purpose is to manage a card where you can dispose, pay, transfer, all the services that an account gives you so that you can go with it, controlling all the income and all the expenses in the same application, and it gives you a saving functionality that you can to send your money to separate it from your main balance”, said the CEO of Lidh, Tonatiuh Salinas.
The app also has an intelligent finance manager that tells the user in real time how you they are spending the money, on education, on food so that the user can make a comparison with the monthly budget.
“In the latest capital raising, an investment fund from Malta is included, which is the first time that they invest in Latin America and they have a lot of interest in the financial inclusion sector,” said Salinas.
The app has more than 10,000 users in Mexico. “We will seek new funds above all to increase our technological development, include credit, investment and financial education solutions and above all what we seek is to boost the business. We are at the stage where we want to scale our number of clients and people who are requesting our services”.
This text has been updated to include the interview with the CEO of Lidh.