Barely One-Year-Old, LatAm Startup Deuna Raises $37 Million

Latin America’s e-commerce infrastructure vendor Deuna, founded barely a year ago, has raised US$37 million, underscoring venture capital’s growing appetite for the region’s online retail market.

The Silicon Valley-based firm, founded by Roberto Enrique Kafati Santos and Jose Maria Serrano, said it would use the proceeds to hire more tech professionals and expand operations to Brazil, Latin America’s biggest e-commerce market.

Deuna –currently operating in Mexico, Colombia, Ecuador, and Chile– expects online retailing in Latin America to grow by more than 30% annually over the next few years.

With Deuna’s solutions, merchants can accept payments through a range of mobile apps, including PayPal, Kushki, Mercado Pago, Kueski, Aplazo, Oxxo and Baloto.

Many Latin Americans still prefer to pay in cash due to fear of fraud or of having their card information stolen. Some e-payments turn out to be fraudulent because the buyers make payments through stolen credit cards. Deuna assures its platform can prevent such situations.

In addition, more than 70% of consumers abandon their online shopping cart at checkout, according to a study by Baymard Institute. Deuna claims that it can help capture those sales and increase transactions by at least 40%.