U.S./Mexico fintech Oyster Financial recently announced secured $14 million through its latest seed funding round, which was led by Monashees and SV Latam Capital with participation from FJ Labs, Fintech Collective, Kevin Efrusy, Redpoint Ventures, S7 Ventures, and Ulu Ventures. The funding will go towards the company’s expansion into Mexico.
Founded in 2018, Oyster Financial stated that it has developed its own core banking technology platform for small to medium-sized businesses in Mexico to quickly attain a business banking account and debit card within days. The company noted that its mission is to continue creating and rolling out new financial services and products for SMBs that increase revenues and ensure the health and well-being of businesses as they grow over time. Vilash Poovala, Co-Founder and CEO of Oyster Financial, further explained:
“We can open business banking accounts for all corporation types and do that for customers in 24-72 hours instead of waiting the typical 4-6 months, or even longer, to do so. And, with the current pandemic, who wants to spend hours in line at a physical bank instead of signing up with us online so quickly.”
Poovala then added that the company is also aiming to become a long-term partner to its small business customers:
“First, with fast, easy access to B2B financial services at a fair cost, and then through the creation and rollout of innovative services that drive more stickiness by helping small business owners maintain the health and wellness of their companies and provide them with ingenious new products that integrate with Oyster’s core offerings and drive growth for their bottom lines.”