Fintech Minka received a $ 3 million investment during its first round of seed series funding, led by the Fintech Collective Fund, which manages a portfolio of 37 companies. This was reported by Minka to Cointelegraph in Spanish on May 13th. The Colle Capital Partners and Collaborative Fund, Deutsche Investment Bank and companies such as Mastercard and Carvajal Tecnología y Servicios also participated in the investment round.
A Minka statement said that investors saw this fintech as a solution to enable real-time payment infrastructure not only in Colombia but also in Latin America.
“”The company built a new cloud money infrastructure based on blockchain technology concepts It works as a bridge between the various financial companies and the web. The platform can process around 10,000 transactions per second. Thanks to their simple integration, companies can create new financial products in just a few days instead of years without having to develop their own infrastructure.
“In this way, Minka enables financial institutions such as banks, fintech and ACHs (clearing houses) to create payment and digital banking solutions via its platform, such as: B. instant interbank transfers, mobile wallets, online tax collection or digital currencies.“They added later.
According to Domagoj Rozic, CEO of Minka, the payment infrastructure in Colombia and much of Latin America is out of date, so the investment resources would help strengthen the development of the platform and make it a solution as a service to simplify the platform creating new financial products .
In return, he commented, “We are building the technology that enables real-time payments and makes them competitive with cash: instantly, free of charge, interoperably, and using only a cell phone number to serve and contribute to the population without a bank account.” Solution to the current crisis. Our goal is to improve the way Latin Americans use their money. ”
It should be noted that the company developed the technological infrastructure of the Transfiya project, led by ACH Colombia, which includes the country’s financial companies: Nequi, Daviplata, Banco AV-Villen, Davivienda, Banco Caja Social, Banco Cooperativo Coopcentral and Movii. Minka has also entered into strategic alliances with companies such as Google, Mastercard and Infobip.
Sean Lippel, director of FinTech Collective, also spoke and said: “For the fintech revolution to take place in Colombia and Latin America, the infrastructure must be activated. It is very difficult to solve the problems of financial inclusion and the use of cash without sufficient money transport infrastructure.. There we see that Minka offers a real solution that will solve this problem. We are very proud to have such a startup in our portfolio and to support it in its expansion plan. “
Minka was founded in 2017 and is a Colombian fintech company born to improve the way Latin Americans use money. And they reaffirm that they have built a new and unique open infrastructure with blockchain technology concepts that can be used to move / transfer money in real time with a certain level of security and at low cost.
About Fintech Collective
FinTech Collective is a New York-based private investment firm focused on technology companies for financial services. The company focuses on Seed and Series A companies (the earliest stage of start-up), in which the disruptive and innovative business models and technologies of the fintech ecosystem are developed.
Fintech growth in Colombia
Finnish studies of fintech in Colombia show a strong interest in promoting financial inclusion and services to improve the economic well-being of the population. And financial technology startups have grown by 26% in this country. This was reported by Colombia Fintech on April 30th.
They also stressed the fact that more than 60% of the companies in this sector received external funding after this report. In addition, they emphasized that according to Finnovista Fintech Radar in Colombia, the number of jobs created by the industry has increased compared to previous years and reached more than 7,000 jobs in 2020.
“The previous edition of the Finnish fintech radar released in March 2019 showed an annual growth rate of 29%, which is equivalent to the 26% that the ecosystem has recorded in the past year. This shows the actual need for financial products and services offered by fintech companies and indicates a future growth line. With this in mind, Finnovista identifies 50 new startups in Colombia in this latest edition of Fintech Radar, which maintain this outstanding growth of fintechs in the country with a higher growth rate than Mexico in the same period Ultimate Fintech Radar. It is also noteworthy that only 28 Colombian startups shut down in the last period analyzed, which corresponds to a mortality rate of 14%, ”said Fintech from Colombia.
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