This engineering firm, specialising in the development of digital payment systems, turned over €800,000 in 2023, expects to reach €1.5 million this year and has reached a commercial agreement with the French multinational Ingenico, one of the world’s leading card-reader manufacturers.
In addition, the CEO of the Navarre firm, Antonio Torres, reveals that the company is moving to new premises located in Noáin.
Electronic payments, according to a report by PwC, «will practically triple» worldwide by 2030, surpassing three trillion transactions. A sector in which the Navarre engineering firm Muxunav is steadily consolidating its position.
In fact, it has multiplied its turnover tenfold over the last two years, reaching €800,000 in 2023, and expects to reach €1.5 million in 2024. These results are a consequence of the good reception its flagship product, Telmarkt, is having in the market.
It is a device designed for paying in areas without staff supervision, such as service stations, laundries, leisure centres and, above all, vending machines.
Similar to a card reader, Telmarkt works with a QR code on the outside of the machine, which is scanned with a mobile phone to apply the automatic charge via Google Pay, Apple Pay or a credit card.
«We have been able to take payments on vending machines more than thirty years old», says Muxunav’s CEO, Antonio Torres, to Navarra Capital.
«It is a very useful system not only for the consumer, but also for the vending machine operator, since it avoids vandalism because there is no money inside», highlights this 50-year-old entrepreneur from Pamplona.
It is precisely the Strategy and Development areas, led by Roberto Ducay, Alfredo Martínez and Jorge Palacios, that help make Muxunav’s projects a reality.
One of the most innovative, which it aims to boost in 2024, is LaKuenta, aimed above all at the self-employed because it turns the invoice into a QR code for the customer to scan and complete the payment. «An operation that is much faster than with Bizum», Torres assures.
A promising future
Telmarkt has valuable add-ons that have been implemented after sharing opinions with customers and thanks to the support of Sodena, «without which none of this would have been possible».
It currently has an age-control system to deter minors from buying electronic cigarettes.
«In Spain there is a very serious problem with vapes, and one of their main points of sale are vending machines. With Telmarkt, the machinery can be activated by scanning the ID card, but it will not switch on if the software detects that it is a minor trying to buy», the entrepreneur adds.
Torres assures that it is an impassable system, also applicable to energy drinks and casino machines.
At the same time, Muxunav, which plans to launch an investment round after sparking the interest of two funds, has sealed an alliance with the French multinational Ingenico, one of the world’s leading card-reader manufacturers, which will incorporate the minor-identification system.
«This agreement is a milestone that was unthinkable years ago», Torres stresses.
Part of its success, as Navarra Capital already reported in 2022, was preceded by EIKA —Corporación Mondragon— acquiring a stake in the company, which also brings its engineering expertise.
Torres indicates that Muxunav is ready to take the next step and, for this reason, plans an international expansion towards Europe and Latin America, especially Colombia, Chile, Paraguay, Mexico and the Dominican Republic.
«And we aspire to become an Electronic Money Institution (EMI) to control all the operations our financial partners require», he reveals.
The crowning touch to this exponential growth has also translated into the company’s change of headquarters, moving from Mutilva to 230-square-metre premises located in Noáin. The relocation will be completed next March.
