Startup News

Colombia’s Puntored plans to invest $6M to expand payment channels network

LatAm ListPuntored, a Colombian fintech, has announced plans to invest approximately $6M (COP$20B) to further grow the company’s network of 75,000 payment points.

The company provides financial transaction services across Colombia, including payment, withdrawal, and deposit services. The fintech aims to offer a network of payment channels, facilitating transactions and improving the outdated financial infrastructure in Latin America.

Puntored has reportedly received funding from Adobe Capital, a social impact investment fund. With the $6M investment, Puntored plans on further expanding its network of payment points to encourage online banking in Colombia, where previously many people did not have access to ATMs for making deposits to their bank accounts.

“The right funding model could significantly improve and enable greater social inclusion while promoting economic development of entire communities,” commented Paula Giraldo, investment specialist at Adobe Capital.

The startup intends to add 40,000 new payment points to its network. Puntored is already connected with a number of banks in Colombia to provide these financial services to clients, such as Bancolombia and Nequi

Read more on Crowdfundinsider.

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