LetsBonus investing US$1.42mn to expand business

Tuesday, August 2, 2011

Spanish online discount site LetsBonus is investing 1mn euros (US$1.42mn) in Uruguay to develop its service, Carlos de Morra, the company's general director for the Southern Cone, told BNamericas.

Although the company has been operating in Uruguay for nearly a month, it has yet to officially launch the service.

"Uruguay has a high internet penetration and a strong middle class, turning the country into an ideal territory for LetsBonus," de Morra said.

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According to the executive, by September LetsBonus will develop all its business lines in Uruguay, including retail, travel and entertainment.

Uruguay is the fifth country in Latin America where LetsBonus operates, after Mexico, Argentina, Chile and Colombia. In Argentina alone, it expects to invest 3.5mn euros in market positioning in the next two years.

For now, the company - which bases its expansion on viral marketing and social networks - has said it will stay out of Brazil due to the high investment needed to set up in the country.