Fintoc enables app developers to initiate bank transfers and pull transactional data from their users’ bank accounts. The process can be used to facilitate and improve bank underwriting processes, user onboarding, and automated bank reconciliation between banks and banking apps.
The fintech was founded in 2020 and is currently enrolled in the Winter 2021 Y Combinator accelerator program. Fintoc is also the first Chilean startup to receive investment from Monashees.
Fintoc plans to use the funding to strengthen its executive team and expand across the region with the aim to open offices in Mexico next September.
“Mexico has the largest population in Latin America and is becoming a fintech hub. We are very interested in launching into the Mexican market. With remote work, we can do this and run operations from Chile, from opening offices to closing deals,” said Cristóbal Griffero, co-founder and CEO of Fintoc.
Read more on LinkedIn.