Comun's seed round was led by Silicon Valley fund Costanoa Ventures and included participation from South Park Commons and FJ Labs.
The central bank of Brazil is gearing up to launch Pix Automatico, a form of direct debit through instant payment system Pix.
BNPL credit models are growing in Latin America's fintech sector, with major investments recorded even as rising rates deter risk appetite.
This capital increase reinforces the confidence of shareholders in the development of PicPay's business plan.
It has not been a smooth sail for smaller Mexican fintechs either, who have struggled to meet requirements.
Venture capital funding to LatAm startups droped 70% to $1.3 billion in the quarter, down from $4.1 billion in the year-ago period.
PicPay stated that, before reaching the market, the solution went through tests for eight months with 10,000 company and partner employees.
The number of fintechs operating in Mexico has grown consistently. Progress in financial inclusion, however, has been far less explosive.
In Latin America's highly concentrated banking industry, financial technology startups are venturing into one of the region's most undeveloped and tightly held loan markets: mortgage financing.
DriveWealth struck a partnership with investment platform Sproutfi that will allow companies to service Latin Americans investing in the U.S.