MONI is expanding its digital wallet in Latin America with the commissioning in Colombia

The Argentine blockchain wallet “MONI” announced its expansion in Latin America by launching its business in the Colombian fintech market in order to attract clients from a large number of people from the underbanked populations of this country promoting business model innovation within the framework of the “Block Chain”, as disclosed by the digital newspaper iProup in its publication.

Fintech Argentina announced that it has started operations in Colombia, where the company already offers a range of 100×100 loans for granting and accreditation online for amounts between 100,000 and 1,000,000 Colombian pesos.

The disruptive technology of “block chain” enables multiple applications to run for all citizens. In addition to providing financial services, it prevents tax fraud and reduces waste. Optimize processes and offer a safer and more efficient exchange of your digital assets. The MONI company is expanding its activities in the vibrant fintech market in Colombia to offer a new democratization option under this technology, which will provide access to digital financial services to a large number of people from the country’s underbanked populations, Neogranadino.

The digital financial service COVID-19

MONI is expanding its digital wallet in Latin America with the commissioning in Colombia
MONI is expanding its digital wallet in Latin America with the commissioning in Colombia

The current global situation, caused by the pandemic and mandatory preventive isolation, has accelerated the adoption of various digital payments and, consequently, greater use of virtual wallets to access all types of digital financial services on a global scale. Juan Pablo Bruzzo, CEO of MONI, explains:

“The pandemic has accelerated the adoption of digital financial instruments exponentially and encouraged the use of virtual wallets. This trend would, under normal conditions, have taken several years to consolidate and create new opportunities for players in the fintech world. In the first few months of operation we learned to understand the financial needs of Colombians. This enables us to develop and expand our product portfolio tailored to your needs. “

The article describes that the company’s initiative is taking place in an expansion framework that the company completed in 2019.

With a new round of investments for USD 4.5 million, which in turn is in a relationship with shareholders and institutional investors of great global importance such as the International Finance Corporation (IFC), an important international institution of, IDI Invest, a private sector institution of the consolidates Inter-American Development Bank (IDB) Group, which is joining as a partner, is positioned as the only Argentine fintech provider that has managed to establish itself as strategic investors as shareholders of IFC and IDB Invest.

On the other hand, it is also mentioned that the investments received will enable the company to expand its loan portfolio and expand its innovative range of services. especially among the sub-bank segments. Currently, the company provides cash loans, payments for services, and purchase payments through its digital platform in Argentina and Mexico.

exceed limits

In this context, Fintech Argentina is Ualáwho recently announced its landing in Mexico.

Fintech, founded in 2017 by entrepreneur Piepaolo Barbieri, and Marcelo Claure, CEO of the Japanese-origin investment fund SoftBank, which became a main partner since November last year after a strong capital investment, expanded their activities in Mexico. A country of 128 million people, where only 47% of the population have bank accounts. Ualá offers a free app in this region that is linked to a Mastercard card.

Fintech already has a local team in the Aztec country and 25 new positions will be opened later this year. Ualá also attracted investments from the Chinese fund Tencent and billionaire George Soros.

“We are proud to be part of the technological change in money and to drive a development that will change the way people see and understand their personal finances,” said Pierpaolo Barbieri.

About MONI

MONI is an innovative company that provides digital financial services in Argentina and Colombia through its virtual wallet. The business focus is on the democratization of financial access to bankers. Its greatest asset has to do with the fact that people can use technology to meet their daily financial needs through their digital wallet.

Founded by entrepreneurs Alejandro Estrada and Juan Pablo Bruzzo. The company currently has shareholders and institutional investors of global relevance, including the International Finance Corporation (IFC), an institution of the World Bank Group, and IDB Invest, the private sector institution of the Inter-American Banking Group. Development (IDB), Nxtp.Labs, the venture capital fund, as well as Alec Oxenford, Fabrice Grinda and other pioneering entrepreneurs in the entrepreneurial ecosystem.

The digital financial services company was one of the pioneers when it offered its customers the financial instrument of the prepaid Mastercard cardGive them access to their financial and consumer credit services and, in turn, build their credit history with the central bank. because MONI is registered as a non-financial provider and regularly reports the behavior of its customer portfolio to the bases of the Central Bank of the Republic of Argentina (BCRA).

Digital wallets in Argentina

The growth of virtual wallets has been exponential and unexpected. Social isolation has caused this significant boost in the digital financial scene.

According to a survey carried out by the Argentine Fintech Chamber, the use by the public multiplied in a range between 120 and 800%, depending on the case. According to the survey, virtual wallets currently have 6.5 million active users across the country. This is one user for every two economically active people (currently the economically active population is 13.5 million). According to Sensor Tower, the rankings are the most popular on Google Play: Mercado Pago, Cuenta DNI, Del Provincia, Ualá, Naranja X and BNA +. Wallets on the rise in the country include: TodoPago, MONI, CAMEPagos, and Yacaré.

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