The investment was led by Uneti Ventures, a veteran-run European investment fund that grew payments industry giant Adyen from inception to going public. Additionally, Bayonet will be receiving additional investment from its current investors.
This capital will be used to grow its engineering team and commercial team, with which the company seeks to expand its presence in Latin America.
Companies using Bayonet on their website or mobile app have been able to reduce their chargeback (fraud) rates by 68% and increase their payment approval rate by more than 11%, representing millions of dollars per year.
Bayonet is launching a new feature that will help e-commerce, fintech companies or companies that sell digital services to increase their payment approval rate by up to 30%.
“A world where it is easy to buy and sell products or services online is something we like. Our mission is to support the growth of the digital economy, facilitating complex tasks such as preventing chargebacks and fraud or increasing the acceptance rate of card payments. We want companies that do business online to scale their business with peace of mind”, says José Chávez, CEO of Bayonet.
Bayonet was founded in Mexico, one of the countries with the highest level of e-commerce fraud, and although it is a startup, it has already replaced traditional competitors with important clients, such as MIT -one of the largest payment processors in Mexico- , Grupo Modelo -one of the largest beer brands in the world-, Moneypool -one of the fastest growing fintech companies in recent months- and Boletia -one of the largest ticket sales companies for digital and physical events in the region-.
Before Bayonet, the founding team worked in the e-commerce industry for Linio “the Latin American Amazon” and in digital payments for Conekta “the Mexican Stripe”, there they experienced first-hand credit or debit card payment fraud.