Minka Raises $24 Million, Promising to Modernize Payment Networks

Colombian fintech Minka has raised US$24 million from venture capital funds, vowing to ease the movement of money on digital payment networks across Latin America.

Mexican venture capital firm Kaszek and Tiger Global were the major investors in the funding round.

The Bogota-based startup said it will use cutting-edge blockchain solutions to help central banks and clearinghouses across the region simplify money transactions.

The fintech’s open banking project in Colombia, known as Transfiya, is already being used by more than two million people.

Although limited to mobile payments as of now, Minka says it will soon extend its services to the e-commerce industry.

The goal of the company is “to connect the world’s balances through the web using shared, connected ledgers,” stated Domagoj Rozic, CEO of Minka.

“The project in Colombia has proven this is possible and has become one of the fastest-growing real-time payment networks in the region, enabling previously slow money to move instantly and with minimal cost,” said Rozic.

“Minka creatively uses new technology to upgrade national payment systems for the digital economy. The new investment allows Minka to expand geographically and deploy its platform to other use cases, such as supply chain and other B2B payments,” said Kai Schmitz, Partner at Crestone.

“We are building an open infrastructure for money that enables organizations to build fast, modern and low-cost financial solutions in days instead of years,” claims Minka in its website.