Mentum, which stylises itself as the investment API for Latin America, has raised $4.2m in seed funding led by Gradient Ventures.
This capital will help the company launch in four markets. The platform is already live in Colombia and Chile.
With its API, Mentum aims to help Latin American companies offer digital investment services in a few lines of code.
Mentum was founded by Simon Avila, Gustavo Trigos and Daniel Osvath. The trio realised the retail investing servies they were using in the US could easily brought to Latin America. They examined the options in the countries where they grew up and realised there were only a handful of services.
In a blog post, Mentum stated, “We quickly understood that the lack of access to retail investing in the region was a symptom of the poor incentives that incumbent investment institutions had for reaching the mass market.”
It continued to state that only the top 2% in Latin America had access to wealth management and the rest of the market was incentivised to spend and get indebted, it claimed.
Mentum operates under the belief that the right solution for helping regional economic development can start from the wise spectrum of products that exist in each of the countries.
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