Tienda Pago Closes Series A to Boost Access to Financing for Small Merchants in Latin America

Tienda Pago logo

Miami, USA – April 3, 2018– Latin American fintech startup Tienda Pago announced today the close of its $7.5 million Series A round led by Kaszek Ventures, with new investors QED Investors and Oikocredit, and follow-on contributions from existing investors Accion Venture Lab and Agrega Partners.

Operating in Mexico and Peru, Tienda Pago is a lender that provides small store owners with very short-term working capital to fund inventory purchases through a mobile platform. Tienda Pago has a unique model in which it partners with major fast-moving consumer goods (FMCGs) distributors that service these stores, paying the distributors directly for inventory purchases delivered to the small store client. The shop owner then re-pays Tienda Pago as they generate cash from selling the inventory. This arrangement provides underserved businesses with a creative, secure, and efficient way to expand their inventory and product variety, increase revenue and earnings, and build their credit history.

“Tienda Pago wants to enable small stores not only to compete, but also to thrive, offering them fintech solutions based on a deeper understanding of their needs,” said Dan Cohen, founder and CEO of Tienda Pago. “With the support of our investors, Tienda Pago’s aim is to become the trusted ally that can take small businesses to the next level with access to financing.”

Launched in 2013 by founders Dan Cohen and Gabriel Sternberg, Tienda Pago started lending operations in Peru in 2014 and expanded operations to Mexico in 2016. Today, the company works with more than 17,000 retailers to fund and broaden their inventories. Tienda Pago will use the new funds to reach more businesses in Mexico and Peru, and expand into the rest of Latin America.

“We are amazed by the terrific value proposition that Tienda Pago brings to both ends of its platform; on the one hand, they allow small store owners to avoid critical inventory breakage and have extra capital to foster their growth and, on the other hand, they provide FMCGs the ease to operate in a clean cashless manner that warrants an efficient and continuous product supply; in a nutshell, a virtuous cycle of more profitable sales for everyone,” said Hernan Kazah, Co-Founder and Managing Partner of Kaszek Ventures.

“We’ve worked closely with Tienda Pago since our seed investment in 2015, and have been impressed by management’s ability to achieve sustained growth, expand to a new market, and build a stellar team. We are thrilled to support them through this next stage,” said Vikas Raj, Managing Director of Accion Venture Lab, the seed-stage investment initiative of global nonprofit and financial inclusion leader Accion.

“Tienda Pago plays a vital role in expanding credit access and decreasing the reliance on cash – two major themes in Latin American fintech. QED is very excited to see the team’s progress and to work with Tienda Pago to further grow the company,” said Mike Packer, Partner at QED Investors.

“We are confident in Tienda Pago’s ability to strengthen its operations in Mexico and Peru, while expanding in the region to support thousands of small shop owners. Oikocredit is firmly committed to adding value to Tienda Pago and strongly believes this landmark fintech investment will be a success, creating social impact and improving the lives of low income people,” said Sébastien Rigaud, responsible for Oikocredit’s investment.

In addition to the benefits for store owners, Tienda Pago creates a powerful value proposition for FMCGs by leveraging its long-established relationship with the businesses to facilitate a connection. FMCGs also benefit from their own reduced collection costs and from the stores’ improved buying capacity.


About Tienda Pago

Tienda Pago operates today in Mexico and Peru. TP provides a short (1 week) small credit finance line (average of $450) to small retailers in the traditional channel. The small retailers can only use the credit line to buy inventory from the Fast Moving Consumer Goods companies (FMCGs) that TP has an agreement (eg Coca Cola, ABInBev, Pepsico, Gloria, Movistar) with. The credit lines are managed using the cell phone of both small retailers and delivery personnel. The innovative model benefits both FMCGs and small retailers by increasing sales, allowing for cashless transactions and providing a formal credit to stores that do not have formal banking relations.

About Kaszek Ventures

Kaszek Ventures is a leading Latin American venture capital firm investing in high-impact tech entrepreneurs. Led by Nicolas Szekasy, MercadoLibre’s former CFO, and Hernan Kazah, MercadoLibre’s co-founder, the firm actively supports its portfolio companies through value-added strategic guidance and hands-on operational help, leveraging its partners’ successful entrepreneurial backgrounds and extensive network. Some of the fund’s portfolio companies are: Nubank, GuiaBolso, Grupo ZAP VivaReal, QuintoAndar, Gympass, Loggi, Dr.Consulta, Creditas, Konfio, Digital House and NotCo.

About Accion Venture Lab

Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. Venture Lab invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Since launching in 2012, Venture Lab has deployed over US$10 million across more than 30 startups that work in over 20 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. For further information, visit

About Agrega Partners

Agrega Partners is an advisory and asset management firm affiliated to INICIA with offices in Santo Domingo and Panamá. The Agrega team integrates a long track record of advisory, asset management, investment operations and first line management with leading financial institutions in more than 15 countries. Agrega works with leading enterprises, investors, boards of directors, and families across the LATAM region focusing on financial institutions and the technology directly related to financial services (Fintech). INICIA is a private asset management firm that operates through partnerships with distinctive managers focused on the Northern Latin American Region – NOLA, to capture long-term value for investors, clients, partners and associates. The firm invests across several platforms, including food, beverages, tourism, real estate, agriculture, energy, media and financial services. INICIA’s financial services platform has seven active investments in financial institutions and five in Fintech companies.;

About Oikocredit

Oikocredit has over 40 years’ experience funding organisations active in inclusive finance, agriculture and renewable energy. Oikocredit’s loans, investments and capacity building aim to enable people living on low incomes to sustainably improve their living stand
ards. Oikocredit finances around 800 partners in around 70 countries, with total outstanding capital of € 935 million.

About QED Investors

QED Investors is a leading boutique venture capital firm based in Alexandria, VA. They are focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their partners’ decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. For more information, please visit

Media Contacts:

Maria Alejandra Gonzalez (Tienda Pago)

Katie Mounts (Accion)
+1 202.280.5859

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