Moni closes investment round for U$S 3 million to expand its digital financial services
The round, leaded by International Financial Corporation (IFC), bailed out USD 3 millions in the company so it can, therefore, expand its offer of credit products and bill payments for customers in Argentina that don’t have enough access to banking services.
Moni intends to innovate in the area of traditional financial services using its own technology to transform the loan request process and payment of telecommunications, public services and others, through a very easy to use mobile app.
The company, founded in 2013 by the argentinian entrepreneurs Juan Pablo Bruzzo and Alejandro Estrada, will use the investment made by IFC to accelerate its growth in Argentina.
Furthermore, the investment will allow the company to improve the financing conditions for its customers through lower interest rates and more sustainable credit products, as loans with micro fees. Moni’s platform has facilitated more than 200.000 loans.
“We are very happy to have IFC’s support and its compromise with Moni’s growth and success” claimed Alejandro Estrada, co-founder and general co-director of the company. “IFC will provide valuable resources that will allow us to keep developing our technology, expand our product offer and improve customer experience in a continuous way”.
This is the third investment made by IFC in the financial technology industry, after Invoinet and Afluenta, the latter also part of NXTP Labs’ portfolio of investments.
IFC, member of World Bank group, is the main international institution of development dedicated exclusively to the private sector in the emerging markets. It works with 2000 enterprises around the globe and uses its six decades of experience to create opportunities where most needed. In 2016, its long-term investments in developed countries reached almost 19 000 millions, through which it took profit from its capital, its specialized knowledge and its influence to help the private sector to put an end to extreme poverty and drive shared prosperity. To obtain more information, visit www.ifc.org.
Moni’s mission is to provide financial services to unattended consumers and help them create their credit record. It offers money in advance, long term credits and billing payment services through an efficient and innovative digital platform. Moni was founded in 2013 by Juan Pablo Bruzzo and Alejandro Estrada and has operations in Argentina and México. Supported by IFC and other investors and well-known businessmen.
About NXTP Labs
With operations in Argentina, Chile, Colombia, México and Uruguay, NXTP Labs is the most active fund for tech companies in Latin America. The firm has partnered with teams from more than 15 countries, and has invested in more than 180 companies in just over 5 years of operations. The company adds value to the startups that belong to its portfolio by including them in acceleration programs that generate a fertile ecosystem of innovation and a network that benefits entrepreneurs, investors and mentors. NXTP Labs’ entrepreneur ecosystem also includes industries and verticals such as Advertising, Agribusiness, Bitcoin, Big Data, Cloud, E-Commerce, Education, Finance, Gaming, IoT, Mobile, Security, Social Network, Social Commerce and Video.