Monet, a Colombian payroll-backed lending fintech, introduced an alliance with Grupo Bancolombia to convey new monetary companies to 4 Central American nations.
The fintech will now function in Panama, El Salvador, Guatemala, and Mexico, the place it plans to turn out to be an ally of the area’s underbanked inhabitants, which doesn’t have credit score scores and, due to this fact, lacks entry to lending and private credit score potentialities in conventional banking.
“We now have turn out to be a pure ally of Bancolombia; greater than 50% of our customers have monetary merchandise with them. So, we have now excellent synergies,” Leonardo Devincenzi, CEO of Monet, stated in an announcement to the Colombian media.
Turning into a related participant in LatAm’s on-line lending sector
Monet’s platform, based in 2019 and with passage by means of the Y Combinator accelerator, provides payroll loans and digital pockets companies. It’s seeking to turn out to be a related participant within the on-line lending sector with its platform.
In line with the corporate, the platform has supplied greater than 400,000 loans since its founding.
In 2021, the corporate launched a digital pockets with the BaaS mannequin, in partnership with Bancolombia, related to present and financial savings accounts, which permits utilizing Bancolombia QR codes to make purchases and examine balances.
Money advance platform for the underbanked inhabitants
However the firm’s flagship cart continues to be the money advance platform based mostly on customers’ earnings. In line with the fintech, Monet can grant an advance by analyzing an individual’s recurring earnings, and 70% of customers requesting cash by means of the platform fall into this class.
These Monet earnings advances can be found to anybody with recurring earnings, no matter employment standing.
Associated:
Along with its enlargement plans in Central America, the fintech revealed that it’s contemplating launching a bank card and making a market inside its digital pockets.
Monet additionally goals to convey its person base to 300,000 by the primary half of 2023.
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Jorge C. Carrasco is a Contributing Reporter at Fintech Nexus. He stories on fintech, financial system, banking, startups, and know-how, protecting probably the most impactful tales from a Latin American perspective.
He has contributed to a number of worldwide publications, similar to International Coverage, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette. Initially from Havana, Cuba, he’s now based mostly in Brazil.