Fintoc, a pioneering Chilean startup offering an instant payments API, has successfully raised $7 million in a Series A funding round, TechCrunch has reported.
The investment was led by Propel, with significant participation from Monashees, which also spearheaded Fintoc’s $3 million seed round in June 2021.
The fresh capital infusion will fuel Fintoc’s expansion efforts in Chile and Mexico, with a strategic focus on Mexico as its primary revenue source.
The company aims to tap into the significant market potential of the 50% of Mexico’s population currently not engaged in online payments.
Fintoc’s innovative API facilitates businesses in accepting online payments directly from customer’s bank accounts, eliminating the need for intermediaries such as credit card processors.
This direct approach not only reduces transaction costs but also speeds up the payment process, enabling transactions to be completed in less than 60 seconds without the need for downloading apps or extensive registration processes.
Cristóbal Griffero, co-founder and CEO of Fintoc, emphasized the transformative impact of their technology.
“We’re addressing these issues so that businesses receive more revenue per transaction and consumers have a payment method that allows them to pay in less than 60 seconds, just using their bank account,” Griffero stated.
This streamlined approach is poised to revolutionize how transactions are conducted in a region where digital payment adoption is rapidly growing.
Since its establishment in 2020, Fintoc has rapidly expanded its client base to over 400 companies, including major firms like Rappi, Itaú, and Banco BCI.
This growing portfolio underscores the market’s confidence in Fintoc’s technology and its potential to redefine financial transactions in Latin America.
As Fintoc continues to expand its footprint, it remains committed to enhancing transaction efficiency and accessibility for businesses and consumers alike across the region.
