MONI expands its digital wallet in Latin America with the start of operations in Colombia

MONI expands its operations in Colombia’s fintech sector to encourage the innovation of business models under the „Chain of Blocks“.

The Argentinean digital blockchain „MONI“, announced its expansion throughout Latin America by starting operations in the Colombian fintech market, with the aim of attracting clients among a large number of people from the under-banked segments of the population in that country, and promoting the innovation of business models under the „Block Chain“, as announced by the digital newspaper iProup in its publication.

Fintech Argentina announced the start of operations in Colombia, where the company already offers its line of 100×100 online loans for amounts between 100,000 and 1,000,000 Colombian pesos.

The disruptive technology of the „Block Chain“, allows the execution of multiple applications for all citizens. In addition to providing financial services, it prevents tax fraud and reduces waste. Optimizing processes and offering a more secure and efficient exchange of your digital assets. MONI is expanding its operations in the vibrant Fintech market in Colombia to offer a new democratising option under this technology, which allows access to digital financial services to a large number of people from under-banked segments of the population in the country.

The Digital Financial Service & COVID-19

The current global situation caused by the pandemic and the mandatory preventive isolation have activated in an accelerated way, the adoption of different digital payments and consequently a greater use of virtual wallets, to be able to access all types of digital financial services at a global level. This is what Juan Pablo Bruzzo, MONI’s CEO, says:

„The pandemic has accelerated the adoption of digital financial tools exponentially, boosting the use of virtual wallets, in a trend that under normal conditions would have taken several years to become consolidated, and this generates new opportunities for players in the fintech world. Throughout these first months of operation, we have learned to understand the financial needs of Colombians, which will allow us to develop and expand our product portfolio tailored to their needs.“

The article details that the company’s initiative is taking place within a framework of expansion that the company completed in 2019.

With a new round of investment of US$4.5 million, and the consolidation of a relationship with shareholders and institutional investors of great global importance, such as the International Finance Corporation (IFC), an important international development institution dedicated to the private sector in emerging markets, and BID Invest, a private sector institution of the Inter-American Development Bank (IDB) Group, to whom MONI is added as a partner, MONI is positioned as the only Argentinean Fintech company that has managed to incorporate IFC and BID Invest as strategic investors and shareholders.

On the other hand, it is also mentioned that the investments received will allow the company to expand its credit portfolio and extend its innovative service offering, especially among the under-banked segments. Currently, it provides money credits, service payments and purchase payments through its digital platform in Argentina and Mexico.

Crossing Borders

In the same context, the Fintech Argentina Ualá recently announced its arrival in Mexico.

Fintech, founded by the entrepreneur Piepaolo Barbieri in 2017, and Marcelo Claure, CEO of the Japanese-based investment fund SoftBank, which became the main partner since November last year after a strong capital contribution, expanded its operations in Mexico. A country of 128 million people where only 47% of the people have bank accounts. Ualá offers a free app linked to a Mastercard in that region.

Fintech already has a local team in the Aztec country and 25 new vacancies will be opened during the rest of the year. Ualá also attracted investments from the Chinese fund Tencent and the multi-millionaire George Soros.

„We are proud to be part of the technological transformation of money and to lead an evolution that will change the way people see and understand their personal finances,“ said Pierpaolo Barbieri.

About MONI

MONI is an innovative company that provides digital financial services in Argentina and Colombia, through its virtual wallet, with a business focus on the democratization of financial access to banked individuals. Its greatest goodness is that it allows the common citizen to use technology to solve their daily financial needs through their digital wallet.

Founded by the entrepreneurs Alejandro Estrada and Juan Pablo Bruzzo. The company currently has shareholders and institutional investors of global relevance, including the International Finance Corporation (IFC), an institution of the World Bank Group, the IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, Nxtp.Labs, the entrepreneurial capital fund, together with Alec Oxenford, Fabrice Grinda and other pioneering entrepreneurs of the entrepreneurial ecosystem.

The digital financial services company was one of the pioneers in offering its customers the financial tool of the prepaid Mastercard, allowing them to access its financial services and consumer credit, and in turn, build their credit history at the Central Bank; since MONI, is registered as a non-financial provider and regularly reports the behavior of its customer portfolio to the bases of the Central Bank of the Republic of Argentina (BCRA).

Digital Wallets in Argentina

The growth of virtual wallets has been exponential and unexpected. Social isolation has caused this quite significant push in the digital financial scenario.

According to a survey carried out by Fintech’s Argentine Chamber, their use by the public has multiplied by between 120 and 800%, depending on the case. According to the survey, virtual wallets currently have 6.5 million active users throughout the country. This is one user for every two economically active people (currently the economically active population is 13.5 million). According to Sensor Tower, the ranking of the most popular ones in Google Play are Mercado Pago, DNI account, of the Province, Ualá, Naranja X and BNA+. Among the wallets that are on the rise in the country are: TodoPago, MONI, CAMEPagos and Yacaré.