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Plerk

AcquiredYC S20

Guadalajara, MX · Founded 2019 · 28 employees · 12 known investors

Plerk provides virtual benefit cards that let companies allocate budgets for employee perks, allowing workers to choose from merchant options while maintaining centralized billing and spending controls across distributed teams.

Also known as isibit · Plerk.io

Enterprise SoftwareFintechSaaSB2BMexicoLatin AmericaFully Remote

Founders & leadership· Y Combinator alumni (S20)

Plerk was founded in 2019 by Miguel Medina, Angel Arias, and Antonio Martinez Quintero.

MMMiguel Medina
Miguel Medinain𝕏Co-CEO & Co-Founder (Exited)2020–2023Miguel Medina has worked in technology for over 15 years, including roles at Apple and Danone, and as an early employee at Rappi. He co-founded Isibit, a business travel platform that later pivoted to Plerk, a flexible benefits offering, before being acquired by Minu.mx.
AAAngel Arias
Angel Ariasin𝕏CEO & Cofounder2022–2023Angel Arias holds an MBA and previously worked at Rappi in its early stages.
AMAntonio Martinez Quintero
Antonio Martinez Quinteroin𝕏Co-Founder & CTO2019–2023Antonio Martinez Quintero was CTO of Plerk (YC S20), where he led engineering through acquisition, and previously studied computer science at Tec de Monterrey. He now serves as CEO and founder of Iteris, a product studio developing AI systems and developer tools.
AMAntonio Martinez
Antonio Martinezin𝕏Co-Founder & CTO2019–2023

Investors · 12

Also in the syndicate · 5

Andres BilbaoDaniel BilbaoDennis SteeleEric ReaMGV Capital Group

Reported raises · per SEC filings

Form D private placements

$12M disclosed across 1 of 2 rounds · 2021–2022

$12MraisedSep 2022 · 34 investors · Other
Rule 506(b)
Officers, directors & promoters on the filing
  • Angel AriasExecutive Officer, Director, Promoter
  • Miguel MedinaExecutive Officer, Director, Promoter
  • Antonio MartinezDirector, Promoter
Offering amount
$12M
Amount sold
$12M
Proceeds to insiders
$1000K
First sale
Aug 2022
Incorporated
Limited Liability Company, Delaware, 2022
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Company profile

researched Aug 2026

Plerk is a Mexican fintech and HR technology company that provides a virtual card companies use to fund flexible benefits and perks for local and remote employees. Employers define a budget, select perk programs at a general or granular level, deposit funds, and let employees decide which merchant to spend at; the company retains control of the program and receives a single consolidated bill. Benefit categories offered include telemedicine, wellness, education, entertainment and fitness, with fitness delivered through a partnership with Gympass.

The company was founded in 2019 and is based in Guadalajara, Mexico. It participated in Y Combinator's Summer 2020 batch and is categorized as fintech, SaaS and B2B. Plerk launched its perks product in January 2021 and later described a card design that, in compliance with Mexico's federal labor law reform on remote-work expenses such as internet and electricity, allowed a purchase to be split into two payments: one part charged to the Plerk card and the remainder to the employee's personal card. Y Combinator lists a team size of 28; at the time of the 2022 Series A the company reported 150 collaborators, and a co-founder bio describes a 50-plus person engineering team inside a 152-person company.

Founding story

The founding team — Antonio Martínez, previously of Banregio Labs, and Miguel Medina and Ángel Arias, both among Rappi's first hires in Mexico in 2016 — originally built Isibit, an all-in-one business travel platform for employees. Isibit was accepted into Y Combinator's Summer 2020 batch, but the COVID-19 pandemic undermined the business travel model. Sales had begun recovering by late 2020, yet the founders concluded that work was becoming remote-first and pivoted, keeping their original goal of improving employee quality of life and launching Plerk as a virtual card for worldwide perks and benefits.

Business model

B2B: employers contract Plerk to administer flexible benefit budgets for their workforces, with the company controlling program design and receiving a single consolidated bill while employees choose where to spend via a virtual card.

Traction

By the July 2021 pre-seed announcement the platform was present in eight countries including the United States, with most revenue from Colombia and Chile and a team of 20. By the August 2022 Series A, Plerk reported more than 40,000 users acquired over the previous year through more than 350 companies in Mexico, Colombia and Chile, with 150 collaborators. Y Combinator lists team size at 28.

Latest developments

In August 2022 Plerk closed a $12M Series A with participation from Upload Ventures, Magma Partners, 500 Startups and MGV Capital. In February 2023 Mexican press reported that Minu and Plerk were merging to strengthen the employee benefits market, and Y Combinator lists Plerk as acquired by Minu.mx. Co-founders have since moved on, with Miguel Medina joining Latitud and Antonio Martínez Quintero founding the product studio Iteris.

Full profile — market position, technology, go-to-market, geography, history

Market position

Positioned as an employee benefits and perks provider for Latin America, with stated ambitions to become the region's leading benefits provider; ultimately combined with Mexican benefits company Minu.

Employer-set budgets combined with employee choice across a very large merchant network (reported as over 5,000,000 vendors worldwide), centralized control and single billing, and a split-payment capability described as the first in Mexico allowing a purchase to be paid partly with the Plerk card and partly with an employee's personal card in line with remote-work expense rules.

Technology

A regulated financial perks and benefits platform built around virtual card issuance, budget allocation and merchant-level spending controls.

Go-to-market

Sells to employers, including distributed and remote-first teams; expanded through hiring in Chile and Colombia after the pre-seed round and grew via company accounts that onboard their employees.

Companies with local, remote and distributed employees in Latin America and beyond, including HR and benefits teams; end users are those companies' employees.

Geography

Headquartered in Guadalajara, Mexico; operations reported across eight countries including the United States, with customers and revenue concentrated in Mexico, Colombia and Chile.

History

Founded in 2019 as a business travel product (Isibit), selected for Y Combinator Summer 2020, pivoted to Plerk and launched in January 2021. A $1M pre-seed round was announced in July 2021, followed by a $12M Series A announced in August 2022. In February 2023 press reported that Mexican startups Minu and Plerk were merging, and Y Combinator lists Plerk as acquired by Minu.mx.

Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Client companiesAug 2022350 companies
CollaboratorsAug 2022150 people
Company headcount at scaleJan 2023152 people
Countries with presenceJul 20218
HeadcountAug 202618
Merchants/vendors available to employeesJul 20215,000,000 vendors
Team sizeJul 202120 employees
Team size (Y Combinator listing)Jan 202628 employees
Total funding raised before acquisitionJan 2023$12M
UsersAug 202240,000 users

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Timeline · 6

launches, deals, and filings
Feb 2023
Plerk merges with Minu

Press reported that Mexican startups Minu and Plerk were merging to strengthen the employee benefits market; Y Combinator lists Plerk's status as acquired by Minu.mx.

source ↗

Aug 2022
Plerk closes $12M Series A led by Upload Ventures

Round with participation from Upload Ventures, Magma Partners, 500 Startups and MGV Capital, intended to fund growth in Mexico and the wider region.

$12M source ↗

Aug 2022
Fitness benefits offered through Gympass partnership

Plerk's benefits membership includes fitness benefits delivered through a partnership with Brazilian unicorn Gympass.

source ↗

Jul 2021
Plerk raises $1M pre-seed

Pre-seed funding from Y Combinator, Magma Partners, 500 Startups, Peak Capital, Horseplay.ventures and MGV Capital Group, with angel participation from Podium co-founders Eric Rea and Dennis Steele, Rappi's Andres Bilbao and Truora's Daniel Bilbao. Reported as Peak Capital's first investment outside the US and Horseplay Ventures' first in Latin America.

$1M source ↗

Jul 2021
Hiring expansion in Chile and Colombia

After the pre-seed round, Plerk said it would expand its 20-person team by hiring first in Chile and Colombia and grow its product toward international financial services.

source ↗

Jan 2021
Plerk launches virtual perks card after pivot from business travel platform Isibit

Following the COVID-19 disruption to their business travel product Isibit, the founders pivoted and launched Plerk, a virtual card companies use to give employees perks and benefits worldwide.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

Research sources · 5

primary sources listed

5 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Plerk do?
Mexican fintech offering a virtual card that lets companies fund flexible perks and benefits for local and remote employees.
Who founded Plerk?
Plerk was founded by Miguel Medina, Angel Arias, Antonio Martinez Quintero in 2019.
Who are Plerk's investors?
Plerk's investors include MGV Capital, Startups, Y Combinator, 500 Global, First Check Ventures, Magma Partners, Upload Ventures.
How much funding has Plerk raised?
Plerk has disclosed $12M raised across 1 of its 2 known rounds.
Where is Plerk headquartered?
Plerk is headquartered in Guadalajara, MX.