UnDosTres

Bringing Mexicans into formal financial ecosystem by leveraging payments data to provide access to financial products and services

UnDosTres' mission is to drive financial inclusion by democratizing digital payments.

Over 90% of all consumer payments in Mexico happen offline, in cash. Financial service providers have little or no access to information regarding such payments and are unable to serve the needs of consumers.

We are building a digital payments ecosystem, enabling Mexicans to pay for anything and everything at the tap of a button. We have started with need-based, non-discretionary spends such as mobile recharges and utility bill payments and are expanding into other categories. We will build financial products and services on the footprint of data of these transactions.

UnDosTres differs from its competitors in the following manner
1. Digital payments - We are creating an ecosystem to allow offline-online/offline-digital payments, whereas our competitors are purely focussed on online payments. Moreover, since fraud is a huge challenge in Mexico in digital payments, UnDosTres has build proprietary anti-fraud technology that uses machine learning to provide totally automated real-time decisions for fraud prevention (no manual reviews). This has allowed us to scale rapidly, while keeping fraud under control.

Technology is critical to our success as it enables
1. Rapid scale - by creating a technologically advanced product on the backend while ensuring great UX on the front-end. This requires us to develop both technology to handle scale, but more importantly to tackle fraud, real-time.
2. Develop financial products personalized to the needs of a customer by leveraging machine learning - As UnDosTres scales, we will offer financial products and services suited exactly to a customers needs by using data science.

At present we measure our success by number of customers and number of transactions/payments.

Our goal over the next year is to grow 5 fold in both of these metrics.

5 years from now, UnDosTres will be bringing in at least 30 million Mexicans into the formal financial ecosystem, that is ~25% of the population of Mexico.

Currently only between 5-10% of Mexicans are within the formal financial ecosystem.

We have a bold vision backed by an innovative technology driven approach to shape the economic future of Mexicans. By building payment products and services that are relevant to every Mexican, solve a purpose, are easy to use and trustworthy, we are taking a differentiated and innovative approach to enable Mexicans to engage in the digital economy and improve their lives.

The person who we empower is the average Mexican: those outside socio economic level A&B. They are both banked and unbanked, but because of habits and a long standing mistrust of banks, have only transacted offline, using cash.
With UnDosTres, for the first time these people will be able to generate a digital transactional footprint through an easy to use and trusted online platform. Using this transactional information UnDosTres will offer personalized financial products and services at better than market rates, enabling these people to realize their dreams and ambitions.

Our current priority is to build a payments ecosystem. Only when the ecosystem scales sufficiently will UnDosTres begin to offer other financial products and services.

We have seen explosive growth and traction since we started in Sep 2015 - we now have 300,000 customers and process 170,000 transactions monthly, growing at 20% m-o-m.

UnDosTres was founded by three Indians. Vikram Deswal & Naveen Sharma, both computer science engineers were working in Mexico and helped build Linio, one of Mexico's largest e-commerce companies. Arpit Gupta, mechanical engineer worked with Paytm, a payments ecosystem, digital bank and digital financial services provider in India with over 250 million users.

The three are classmates from MBA and got together in Sep 2015 to start UnDosTres.

The three continue to work and lead at UnDosTres.

First and foremost, we are using payments to build trust. We ensure a seamless and 100% protected payments experience. This is where technology comes in - building a great user experience to enable even the most technologically inexperienced people to

As we grow and scale to millions to banked users, we will roll-out our payment services to unbanked, with banked users acting as nodes in the network for cash transactions - everybody can become an ATM! Unbanked users will be able to deposit cash into their UnDosTres wallet (mobile phone) by handing cash to banked UnDosTres customers, who's cards will be charged. These banked customers (ATMs) will make money on each transaction and the unbanked will be able to pay digitally for everything.

With such a network UnDosTres will be able to bring the vast majority of payments online and be able to provide customers with better financial products and services.

With Solve's support we will leverage the recognition in primarily 2 ways - raising capital in USA and investing in technology by hiring top talent.

The funds will we primarily spent on hiring top talent to build the technology.

We will specifically hire in data science - 3 data scientists whose responsibility will be to identify and help build new products through data and help us build better fraud prevention technology.

Internal risks - the most significant internal risk we see is lack of technology talent in Mexico. This provides a significant challenge to build products quickly to serve the needs of users. In order to manage this we are hiring extensively from other parts of the world along with hiring from Mexico.

External risks - Uncertainty and clarity around regulations in the space we operate and plan to operate in the future. In order to manage this risk, we are conservative and stay well within the bounds of existing regulation.