Chilean instant payments API startup Fintoc raised a $7M Series A round led by Propel. Monashees, who previously led Fintoc’s $3M Seed round in June 2021, also participated in the round.
Fintoc will use the funds to consolidate its presence in Chile and Mexico, focusing on making Mexico its primary revenue source by tapping into 50% of the country’s population currently not paying online.
Fintoc’s API enables businesses to accept instant online payments straight from customers’ bank accounts, cutting out middlemen like credit card processors.
“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, without downloading any apps or registering anywhere, just using their bank account,” said Cristóbal Griffero, co-founder & CEO at Fintoc.
Founded in 2020, Fintoc’s client base of over 400 clients includes companies like Rappi, Itaú, and Banco BCI.
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