Propel and Acel Lead Truora’s $15 Million Funding Round

BBVA, the Spanish multinational financial services provider, recently confirmed that Propel and Acel have led the $15 million Series A investment round of Truora, a startup that offers technology-driven solutions to assist users’ connection to online shopping platforms and fintech services through various digital channels.

According to Truora, the funding will help the company in its expansion across Mexico. The fintech firm aims to make its products more accessible. In 2021, Truora launched its solution Truconnect in an effort to facilitate companies to verify users through accessible and convenient channels.

Propel is a fund that manages BBVA’s fintech investments. In February last year, the Spanish financial giant allocated $150 million to invest in Propel. In the past few years, Propel has formed partnerships with some of the world’s leading companies, including Coinbase, Neon and DocuSign.

Commenting on the recent funding round of Truora, David Mort, a General Partner at Propel, said: “Truora has established itself as a go-to solution for identity verification and a key enabler for user acquisition. We have seen great promise in how their WhatsApp authentication capabilities can solve pain points in financial services and other industries, and are excited to support Truora on this journey.”

In addition to Propel and Acel, the $15 million Series A funding round of Truora also saw participation from Kaszek and Y Combinator.

Funding

In 2019, Truora raised $3.5 million in its seed funding round. Since then, the company has expanded its presence across the Latin American region. With the Series A funding, the fintech company is planning to hire more than 50 female professionals from Mexico and Latin America.

“We pride ourselves in helping increase female leadership participation in the tech world,” said Maite Muñiz, the CPO and Co-Founder of the company. “Today, 45 percent of Truora’s team are women, and we want to keep increasing this percentage.”