MONI receives USD5M investment by IDB Invest
MONI, a digital financial services company which operates primarily in Argentina and is part of NXTP Labs Portfolio, received a $3 million investment by IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group. The financial structure includes the option to invest an additional $2 million in the company’s next round of equity.
The financing, which is IDB Invest’s first operation with a Fintech company, will allow the expansion of MONI’s credit portfolio in underserved sectors and expand its product offering to continue developing the credit market.
This operation complements the initiatives being carried out by the IDB Group to consolidate more inclusive financial services in the region.
Financial inclusion can be achieved by offering more efficient services based on innovative technologies, such as the mobile application developed by MONI, which is efficient and easy to use. The company’s technology transforms the loan application process and the payment of telecommunications bills, public services and others. Its products are aimed at consumers typically not served by the traditional banking industry.
In Argentina, where the company has given more than 500,000 loans, its products include credits of up to six months and the payment of services and purchases for electronic commerce through its digital platform. This business is highly scalable in countries with low banking penetration and high penetration of mobile services. MONI currently operates in Argentina and Mexico. IDB Invest’s financing will allow MONI to expand its business prospects in both markets.