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Contxto – Fintech Moni is entering a new market. Last Tuesday (29), the Argentine startup announced the launch of its credit solutions into Colombia. Users in the Andean country can now apply for personal loans ranging from ~US$26 to US$262.
Prepaid cards in Argentina
Back in its native country, Moni also offers its cleverly named “MoniCard”. It was released late last year and reportedly brings about multiple benefits.
Through this card, consumers can pay for services from companies like Spotify or Netflix. What’s the big deal? According to Moni, regulations in Argentina prohibit people from using “normal” bank-issued debit cards for purchases from international companies.
Secondly, Moni can also study card transactions to then procure loans. Last but not least, the onboarding process to obtain the card is completely online.
Moni and the fintech momentum
It’s not the only Argentine fintech to scale into another Latam market this week. Ualá also announced its launch in Mexico with its prepaid Mastercard and app.
Undoubtedly these startups want to make the most of users’ interest in digital financial services. Said interest has intensified because of Covid-19 and traditional banks’ crappy apps.
Juan Pablo Bruzzo, CEO and co-Founder at Moni put it best.
“The pandemic exponentially accelerated the adoption of digital financial tools [and] pushing for the use of e-wallets in a way that under normal circumstances would’ve taken years to consolidate, and that generates many new opportunities for players in fintech,” said Bruzzo.
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