Magma Partners invests in identity verification startup Nufi

We’re excited to invest in Nufi to support cofounders Hans Villa, Ilich Núñez and the Nufi team as they build the first Alternative Identity Bureau for businesses in Mexico and Latin America. 

In Latin America, identity verification and background checks are a significant challenge for both individuals and businesses. Obtaining the necessary data to trust a person or business is a manual, costly, and slow process. Latin America also leads the world in credit card fraud, and 20% of all e-commerce revenue is lost to fraud, according to Mastercard. Nufi addresses this problem by quickly confirming whether companies are real and trustworthy, providing clear insights that help clients make faster, better decisions.

“Our goal is to make verifying business identity in Latin America as quick and reliable as it should be,” said Hans Villa, cofounder of Nufi. “With just a few key inputs, Nufi can provide the full scope of data a company needs to trust another business, giving them confidence in who they’re working with.”

In Mexico alone, companies conduct millions of verifications annually to ensure their partners and clients are legitimate. Nufi uses over 130 data sources to verify businesses or individuals in less than five minutes, giving clients fast, clear information to manage risk effectively.

“We love investing in companies that organize the hundreds of sources of fragmented data in Latin America. Nufi turns disparate data into detailed business profiles, helping clients save time, reduce fraud, and make smarter decisions. This infrastructure is crucial for companies operating across Latin America, and we’re excited to help Nufi as they scale their KYB (Know Your Business) product.” Nathan Lustig, Managing Partner 

Nufi currently operates in Mexico, serving more than 230 B2B clients, including major banks, HR firms, and fintechs, and plans to expand its reach across Latin America as the leading business identity bureau.