“We are very excited to expand into Mexico, which is the second largest market for e-commerce in Latin America. With an online retail growth rate of over 17% per year, Latin America is one of the fastest growing regions for online sales,” said Diego Fernandez, Co-Founder and Chief Executive Officer of iguama. “Our innovative technology and security measures allow us to guarantee a safe and secure shopping experience while providing excellent value to every customer shopping online for their favorite products.”
According to Business Insider’s Latin American E-Commerce Report, Mexico is a leader in ecommerce and has substantial potential for online retail growth, with forecasts of $11 billion in sales by 2018. Yet its challenge has been in the payments industry, with 32% of all purchases paid with cash on delivery. iguama plans to change the way customers in Mexico think about shopping with its secure online payment processing.
Recently, iguama announced a $5 million Series A financing round led by technology venture capital firms Kibo Ventures and PeopleFund to accelerate expansion of iguama into new markets.