Reworth, a Mexico-based startup that offers API solutions so financial institutions can offer cash back to their clients, announced the closing of a US$2.8 million seed funding round.
This round was led by ALLVP, with participation from New York-based FJ Labs, San Francisco-based Soma Capital and New York based Gilgamesh which focuses its investments on fintechs in the Americas.
This round brings Reworth’s total raised to date to about US$3.2 million.
Reworth, which already has 20 full-time employees, plans to use the money to expand its tech team so they can offer same-day API integration as well as on board more financial institutions.
The company also said that it plans to expand to Brazil next, though that may not be a priority at the moment.
Reworth was founded in 2020 and launched with a pilot in May of this year. The firm has about 1.2 million users so far and four financial institutions on board including Actinver.
Raphael Kappeler, co-founder and CEO of Reworth said,
“Psychologically, if you receive money back, you tend to spend more money. And we also show in the bank app what merchants offer cash back at a place near you at a certain time.”