Mentum, an API that can be integrated into the applications of other fintechs to massify investment products, received $4.2 million in funding led by Google’s Gradient Ventures, with participation from Global Founders Capital, Soma Capital, Investo, Y Combinator and co-founders of Plaid and Jeeves as angel investors.
The startup’s products are still in beta, but plans to launch them this year. Mentum is working on customizable investment application programming interface (API) so businesses in Latin America can build and offer fully digital investment products as stocks, ETFs and mutual funds.The products are also compliant with local regulations.
This fintech was founded in San Francisco (United States) in 2021 and participated in Y Combinator’s summer 2021 cohort, but will focus on the Latin American market since its co-founders Gustavo Trigos (CEO), Simón Avila and Daniel Osvath have Colombian roots.
Mentum believes that its API will be a shortcut for companies that want to offer investment products to overcome regulatory standards and the lack of technological infrastructure. The company plans to future develop products and features that will enhance the experience, payment method options and explore the addition of crypto options.