Ubii Pagos

About Ubii Pagos

Ubii Pagos C.A. is a Venezuelan financial technology company aiming to enhance financial inclusion for both individuals and businesses. The company was established by a group of entrepreneurs from the financial and systems sectors, with Ramón Velásquez serving as the CEO and founder. Velásquez, an administrator by profession, was inspired in 2012 by a device that turned a smartphone into a point-of-sale terminal. This led him to spend years understanding the market, regulators, and payment processors before launching the company. Formed in 2013, Ubii Pagos began operations in 2016 or 2017, spurred by a national context of cash scarcity that made payment terminals essential for commerce.

The company's business model initially focused on becoming a payment aggregator for banks, selling point-of-sale (POS) devices directly to small and medium-sized businesses and linking them to their bank accounts. This strategy was successful, and Ubii became the first company to receive a license from the local banking superintendence to commercialize POS terminals directly to merchants, distributing over 30,000 units. In a significant milestone, the company raised US$4.5 million in its first investment round in 2022 to fund user acquisition, working capital, and talent integration.

Ubii Pagos has since evolved into a broader payment ecosystem. In May 2021, it obtained a license as a financial transaction issuer and processor from the Superintendencia de las Instituciones del Sector Bancario de Venezuela (Sudeban). This allowed Ubii to become a principal member of both Visa and Mastercard in the country, enabling it to issue its own cards. The company launched the Ubii App, a digital platform available on iOS and Android, which serves as the core of its current offerings. The app allows users to open an account, make mobile payments, transfer funds, and pay for services. Through the app, customers can request a prepaid Ubii Visa debit card for use at any POS nationwide and for online purchases. The company also provides solutions for businesses, such as payment services for gig economy freelancers and a new product, Ubii Benefits, which allows companies to offer customized incentives to employees via an Ubii MasterDebit card.