Latin American FinTech Minka has enjoyed a $3m capital boost in a seed round led by The FinTech Collective. The news about the round comes after the region has enjoyed considerable growth in recent years.
Other investors supporting the FinTech infrastructure provider in this raise included Colle Capital Partners, Mastercard, the Collaborative Fund and Carvajal Technologia y Sericios, according to Contxto.
The startup will use the seed money to recruit more developers, administrators and commercial staff to grow the venture.
Minka offers open banking technology to help companies create their own financial products, as well as tools to send money securely.
Latin American FinTech companies has gone from strength to strength in recent years. Between 2015 and 2019, they raised a total of raised $5.5bn across 328 transactions, according to FinTech Global’s research. More than half of deal activity has been captured by companies in the marketplace lending, payments and remittances, and WealthTech subsectors, collectively amounting to 63.1% of transactions in the region since 2015.