Bogota based Minka raises $24 M to hasten money transfer across LatAm

Minka, a payments infrastructure company, based in Bogota, has raised $24 million in a round headed by Tiger Global Management and Kaszek.

The startup intends to use its additional funding to continue to “modernise” the clearinghouse and central bank infrastructure. It also intends to expand the network by developing a full self-service interface for publishing and transferring funds to organizations, which will enable one-click purchases, payouts, and collections.

Domagoj Rozic, the company’s CEO and co-founder, defined Minka as “a seamless payment network created from the ground up”. The network was created to “ease the movement of complex money flows” by connecting disparate legacy systems using blockchain concepts and APIs.

By exposing their “locked, old core systems” to the Internet, Minka hopes to enable organizations such as banks and clearinghouses to “publish” and transfer money in real-time.

“We aim to connect the world’s balances through the web using shared, connected ledgers. The project in Colombia has proven this is possible and has become one of the fastest-growing real-time payments networks in the region, enabling previously slow money to move instantly and with minimal cost,”

Domagoj Rozic, CEO and co-founder of Minka. 

Nearly two million people are currently using the project to transmit money using only their phone numbers. According to Rozic, Minka has 20 financial institutions and fintech directly connected to its platform, with another 20 in the integration process.

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