Receivables marketplace Monkey has reportedly collected $6m in its Series A funding to help double its team.
The round was co-led by Quona Capital and Kinea Ventures, according to a report from TechCrunch.
With this capital injection, the FinTech hopes to double its team to 40 members and expand across Latin America. Funds will also be used to improve user experience and launch new products, including a credit card marketplace.
Headquartered in Brazil, the FinTech aims to establish a competitive ecosystem for financial institutions to compete to buy SMEs receivables, it said.
The company was founded in 2016 and offers a receivables marketplace. Monkey connects buyers, suppliers and sponsors to find receivables.
Prior to this round, Monkey raised $1.5m across two seed rounds, the article said. Previous investors include Wayra Brazil and Parallax Ventures.
FinTech funding in Latin America hit a new record in 2020, with a total of $2.8bn being invested across 178 transactions, FinTech Global’s data shows. Investment volume has grown by 4.65% compared with 2019.