Lendtech MONI picks up $1.5m investment
Argentinian fintech MONI just picked up a new $1.5 million investment from the International Financial Corporation (IFC), following $3 million in May from BID Invest, making a total investment of over $10 million in under five years.
MONI, which operates in Argentina and Mexico, aims to use this recent funding to expand its available loan capital and range of services.
IFC, which is dedicated to the development of emerging markets, already invested £3 million last year; while BID Invest is the investment arm of the Grupo Banco Interamericano de Desarrollo (BID).
Juan Pablo Bruzzo, CEO of MONI, says: “Our solid business model, alongside the results we have achieved so far, allowed us to successfully meet the requirements demanded by the IFC and BID Invest before the investment was made.”
In 2013, the firm was the first in offering immediate loans in a fully digital process in Argentina. It added payment services and online shopping services to its platform last year, followed by this year’s launch of the first digital public escrow service.
MONI has issued over 600,000 loans throughout Argentina and Mexico, aiming at commercial sectors that are traditionally scarce in financial products.
A Latin trio
Latin America’s fintech is getting livelier.
You can check our overview of neobanks in Latin America.
On the topic of Argentinian fintech, new fully-digital bank Wilobank chose Spanish technology firm Indra as implementation partner during its creation.
Ualá also launched a mobile banking service app to champion financial inclusion in the country.
