Midinero
Midinero is a Uruguayan BCU-regulated electronic money issuer (FINDARIN S.A.) offering prepaid Mastercard cards, a mobile app, payroll disbursement via the SAR platform, and integrated crypto, insurance, and bill-payment services to more than 1,000,000 unbanked and underbanked consumers and employer clients across Uruguay.
- Company typePrivate
- Founded-
- HeadquartersMontevideo, Uruguay
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Midinero does
Midinero is a Uruguayan prepaid card and electronic money platform operated by FINDARIN S.A., a Banco Central del Uruguay-regulated electronic money issuer authorized under Resolution D/94/2015. The company has issued more than 1,000,000 prepaid Mastercard cards and serves primarily unbanked and underbanked individuals, salary and pension recipients (including BPS, INEFOP, and Caja de Profesionales disbursements), and employers seeking a low-cost payroll disbursement channel. Its core product suite spans the standard Midinero card, Midinero+ (higher limits), Midinero +12 (minors with parental authorization), Midinero Empresas (B2B payroll), and Midinero Alimentación (food allowance), all unified by the Midinero App on iOS, Android, and Huawei, and by a nationwide Redpagos distribution and servicing network.
The platform's underlying architecture combines a Mastercard-network-issued prepaid card program, a SAR (Automatic Recharge System) employer-facing portal for payroll, and integrations with digital wallets (Apple Pay, Google Pay, Garmin Pay), ATM networks (Banred domestically, Cirrus internationally), and bill payment aggregators covering 2,000+ services. Revenue is generated through annual card fees, international transaction and ATM fees, interchange on Mastercard volume, crypto trading commissions via the integrated MINOS URUGUAY service, monthly insurance premiums via the MAPFRE partnership (Midinero Seguros), card reissuance fees, and merchant discount income. Distribution is hybrid: self-serve mobile onboarding plus physical card issuance and cash-in at Redpagos locations, with dedicated direct sales to employers for payroll. The model monetizes financial inclusion cards (which are fee-exempt under Law 19.210) primarily through cross-sell, transaction economics, and B2B payroll volumes.
Midinero firmographics
Firmographics- Name
- Midinero
- Legal name
- NUMMI S.A.
- Website
- https://midinero.com.uy
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Midinero is a Uruguayan BCU-regulated electronic money issuer (FINDARIN S.A.) offering prepaid Mastercard cards, a mobile app, payroll disbursement via the SAR platform, and integrated crypto, insurance, and bill-payment services to more than 1,000,000 unbanked and underbanked consumers and employer clients across Uruguay.
- Ownership category
- akta.pro rank
Midinero industry classification
Industry- Product category
- Prepaid Card and Electronic Money Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)
- akta.pro secondary industries
- Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid) (FSADAIAC), Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where Midinero is headquartered
LocationHeadquarters
- HQ city
- Montevideo
- HQ country
- Uruguay
- HQ region
- Latin America
Offices2 records
Markets served
Midinero business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Annual Card Fees: Annual maintenance fee charged on most Midinero card variants (Midinero: $297 + IVA/year after first free year; Midinero+: $297 + IVA/year). Financial inclusion cards (Inclusión) are exempt when used for salary/pension payments.
- International Transaction Fees: Revenue from foreign currency transactions including overseas purchases (2.5% + $28 + IVA per transaction) and ATM withdrawals internationally (1.5% + USD 3 + IVA). Also includes cash advance fees at Redpagos ($41 + IVA) and Banred ATMs ($85 + IVA).
- Crypto Trading Commission: Minos Uruguay charges a 2% commission on crypto purchases (plus USD 0.95) and 1% on crypto sales. Midinero serves as the technology interface and distribution channel, with the crypto services provided by MINOS URUGUAY.
- Insurance Premiums: Monthly insurance product subscriptions including Plan Protección Familia ($198 + IVA/month), Asistencia Integral ($268 + IVA/month), Hogar Protegido ($354 + IVA/month), Seguro para Celulares ($465 + IVA/month), and Tarjeta Blindada ($213 + IVA/month). Offered in partnership with MAPFRE.
- Card Reissuance Fees: Fees for plastic reissuance due to loss, theft, or PIN reprint ($246–$280 + IVA depending on card variant).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Midinero — Standard prepaid card |
| Subscription | Annual | Midinero+ — Premium prepaid card |
| Subscription | Annual | Midinero Empresas — Business payroll card |
| Subscription | Annual | Midinero Alimentación — Food allowance prepaid card |
| Subscription | Annual | Midinero Inclusión — Financial inclusion salary/pension card |
| Subscription | Monthly | Tarjeta Blindada — Fraud protection service |
| Subscription | Monthly | Midinero Seguros — Insurance products (MAPFRE partnership) |
| Transaction based/ take rate | Pay-as-you-go | Midinero Cripto — Cryptocurrency trading |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels9 records
Midinero product offering
Product offeringCore offering
Midinero, operated through the BCU-regulated electronic money issuer FINDARIN S.A., provides prepaid Mastercard cards and a mobile app for purchases, money transfers, international transfers, bill payments, cash withdrawals, currency exchange, and crypto trading. The offering is distributed through a nationwide Redpagos retail network and includes an employer-facing SAR platform for payroll disbursement, plus insurance products in partnership with MAPFRE and cryptocurrency services via MINOS URUGUAY.
Product overview
Midinero is a digital financial services platform operated by FINDARIN S.A., a BCU-regulated electronic money issuer in Uruguay. The core offering consists of prepaid Mastercard cards available in multiple variants (Midinero, Midinero+, Midinero +12) with a unified mobile app (Midinero App) serving as the primary interface. The portfolio includes specialized sub-brands for business payroll (Midinero Empresas), food benefits (Midinero Alimentación), and crypto services (Midinero Cripto via MINOS URUGUAY). Ancillary services include insurance products (Midinero Seguros with MAPFRE), fraud protection (Tarjeta Blindada), and BPS pension deposits. The Midinero SAR platform enables employer salary processing. All products share the same Mastercard network infrastructure, Redpagos physical locations, and Banred/Cirrus ATM access.
Differentiator
Problem solved
Functional benefit
Products and services
- Midinero (Standard Prepaid Card)
Quantifiable outcome
- Over 1,000,000 cards issued in Uruguay
- +3 more outcomes
Companies that use Midinero
Customer profileSegments6 records
Ideal customer profiles4 records
Midinero technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature5 records
Midinero partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, key and secondary.
- MINOS URUGUAYcoreMINOS URUGUAY S.A.S. is the cryptocurrency trading and custody service provider integrated into the Midinero App. It enables users to buy and sell cryptoassets (criptoactivos) for USD within the Midinero platform. MINOS URUGUAY handles all crypto transactions, custody (hot custody via MINOS GLOBAL, cold custody via Prosegur Custodia de Activos Digitales), and regulatory compliance. Midinero provides the technology interface and customer access. Commission: 2% + USD 0.95 for purchases; 1% for sales. MINOS URUGUAY is part of the MINOS GLOBAL group, registered with Banco de España.
- FINDARIN S.A.coreFINDARIN S.A. is the legal entity and electronic money issuing institution behind Midinero. It is authorized and regulated by the Banco Central del Uruguay (BCU) under Resolution D/94/2015 of April 15, 2015. FINDARIN S.A. issues the electronic money loaded onto Midinero cards, manages regulatory compliance, and holds the customer base. Midinero is the consumer brand of FINDARIN S.A.
- RedpagoscoreRedpagos is a nationwide network of physical retail locations in Uruguay. Redpagos serves as the primary physical distribution channel for Midinero: customers obtain cards, make cash deposits via TuCajero (self-service ATM) or counter, check balances, and perform BPS affiliations at Redpagos locations. Over 500+ locations nationwide. TuCajero enables card-based cash-ins.
- MastercardcoreMastercard International provides the payment network infrastructure for Midinero prepaid cards. FINDARIN S.A. is a licensed Mastercard issuer. All Midinero cards carry the Mastercard brand mark and are accepted at hundreds of thousands of merchants worldwide, both in-person and online.
- MAPFREkeyMAPFRE is Midinero's insurance product partner. Through this partnership, Midinero offers a suite of insurance products to its cardholders: Plan Protección Familia (unemployment/internment), Asistencia Integral (comprehensive home assistance), Hogar Protegido (home protection), and Seguro para Celulares (mobile phone insurance). These are bundled under 'Midinero Seguros' and sold via Midinero's channels.
- Centro Comercial e Industrial de Florida (CCIF)secondaryCCIF co-brands the 'e-Comestibles' food allowance card program with Midinero. The card is valid at Mastercard-accepting food retailers in Uruguay only. Card has 5-year validity and auto-renews. Issued under Mastercard with FINDARIN S.A. as the electronic money issuer.
- CINTEPA (Cooperativa de Ahorro y Crédito)secondaryCINTEPA co-brands a prepaid card program with Midinero under the 'CINTEPAPlus' name. Card is valid locally in Uruguay for 3 years (auto-renewing), supports USD and UYU currencies. Funds deposited with FINDARIN S.A. for administration. Card can be recharged at Redpagos locations.
- Varlix Servicios Financieros S.A.secondaryVarlix co-brands an international prepaid card with Midinero (TARJETA VARLIX). Card has 3-year validity and is accepted internationally wherever Mastercard is accepted. Cash withdrawals available at Redpagos, Banred ATMs, and Cirrus ATMs worldwide.
- Indumex Servicios Financieros S.A.secondaryIndumex co-brands a MONEYCARD international prepaid card with Midinero. Card is valid internationally for 3 years (auto-renewing) at all Mastercard merchants worldwide. Supports USD and UYU currencies. Cash withdrawals available at Redpagos, Banred ATMs, and Cirrus ATMs worldwide.
- Banco Central del Uruguay (BCU)coreThe BCU is the Uruguayan central bank and financial regulator that authorizes and supervises FINDARIN S.A. as an electronic money issuing institution under Resolution D/94/2015. Midinero operates under BCU regulation, providing regulatory oversight and consumer protection.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Midinero competitors and assessment
Company assessmentEmerging players
- Ripio: Regional crypto exchange and fintech active in Argentina and Brazil, with prepaid card services. Similar to Midinero in offering crypto trading + card distribution via a regulated fintech platform.
- Lemon Cash: Argentina-based crypto fintech pairing crypto trading with a prepaid Mastercard (Lemon Card) for everyday spending. Closest Latin American peer to Midinero Cripto's integrated crypto + card model.
- Buenbit: Latin American crypto exchange and digital-asset custodian with prepaid debit card offerings in Argentina and Brazil. Comparable to Midinero's white-labeled approach of offering crypto access through an integrated app.
Broad incumbents
- Nubank: Brazil's largest digital bank with a prepaid card entry product and full banking suite. Directly comparable in serving the unbanked/underbanked segment with a mobile-first prepaid-to-credit upgrade path.
- Mercado Pago: Latin America's largest fintech, offering prepaid cards, digital wallets, payments, and consumer credit across many markets including Uruguay. Operates as an 'everything' platform with much broader scope than Midinero but overlaps on prepaid and unbanked acquisition.
- Naranja X: Argentine fintech with a long-standing prepaid/credit card business (Tarjeta Naranja) serving mass-market and unbanked consumers. Comparable in card-issuance-and-distribution business model and target customer base in the Mercosur region.
Regional players
- Mach: Chilean prepaid Mastercard issued by Banco de Chile/BICE ecosystem, targeting underbanked and young users with an app-first UX and Mastercard acceptance - directly analogous to Midinero's product positioning in a different geography.
- Daviplata: Colombia's mobile wallet and prepaid platform operated by Bancolombia, serving unbanked and underbanked users nationally. Strong comparison point for Midinero's bank-distributed prepaid model in a neighboring country.
Direct peers
- Prex: Multi-country (Argentina, Uruguay, Brazil, Chile) prepaid Mastercard/Visa platform with similar prepaid-card, app-based, and travel-friendly positioning. Competes head-to-head in Uruguay with Midinero for prepaid cross-border use cases.
- Ualá: Argentina-based prepaid Mastercard issuer serving underbanked and unbanked consumers in LATAM with a regulated e-money model highly analogous to Midinero. Operates a similar hybrid digital + retail distribution approach and focuses on financial inclusion.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Midinero social profiles
Digital presenceMidinero compliance and trust
Trust signalCompliance2 records
Midinero financial estimates
Financial estimateRevenue estimate
Valuation estimate
Midinero leadership team
Management profileNumber of profiles
Profiles1 record
Midinero funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Midinero M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Midinero
What does Midinero do?
Midinero, operated through the BCU-regulated electronic money issuer FINDARIN S.A., provides prepaid Mastercard cards and a mobile app for purchases, money transfers, international transfers, bill payments, cash withdrawals, currency exchange, and crypto trading. The offering is distributed through a nationwide Redpagos retail network and includes an employer-facing SAR platform for payroll disbursement, plus insurance products in partnership with MAPFRE and cryptocurrency services via MINOS URUGUAY.
Is Midinero a public or private company?
Midinero is a private company. It is classified as unknown and is currently operating.
When was Midinero founded?
Midinero was founded in -1. It employs 101 to 250 people.
Where is Midinero based?
Midinero is headquartered in Montevideo, Uruguay, in the Latin America region.
How does Midinero make money?
Five revenue lines are on record. Annual Card Fees are the primary driver. The others are international Transaction Fees, crypto Trading Commission, insurance Premiums and card Reissuance Fees.
Who are Midinero's main competitors?
Emerging players on record are Ripio, Lemon Cash and Buenbit. Broad incumbents are Nubank, Mercado Pago and Naranja X. Regional players are Mach and Daviplata. Direct peers are Prex and Ualá.
Does Midinero have an API?
No public API is recorded for Midinero.
What industry is Midinero in?
Midinero's product category is Prepaid Card and Electronic Money Services. Its primary akta.pro industry code is FSAMANAK, Prepaid Card Program Managers & Issuers (BIN Sponsors), with a secondary code of FSADAIAC, Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid). Its NAICS code is 522320 and its SIC code is 6199.