INI, an Argentine fintech specializing in offline payments, has received an investment from Kamay Ventures

In Latin America, 70% of businesses do not have a digital payment option. INI’s solution seeks to close this gap to reduce financial exclusion.
INI-Argentina-Kamay Venture
INI-Argentina-Kamay Venture

INI, an Argentine fintech company that offers a platform for offline payments, has received investment from Kamay Ventures, the first venture capital fund in the southern cone led by Coca-Cola Latin America and the Arcor Group.

You may also be interested in reading: Use of fintech apps grows 54% in Latin America

INI’s platform facilitates transactions in congested urban areas as well as in regions with limited or no connectivity, positioning itself as the only company worldwide that can process payments both with and without internet connection.

In Latin America, 70% of businesses do not have a digital payment option. INI’s solution aims to close this gap and reduce financial exclusion. How does it do this? By integrating cash and online payments into a single technology and promoting the adoption of fintech services through the creation of frictionless payment ecosystems and a platform to monitor and control the entire payment experience.

Financial Cards and Payments in Latin America -EuromonitorFinancial Cards and Payments in Latin America. (Euromonitor)

" data-image-caption="

Financial Cards and Payments in Latin America -Euromonitor-2022

" data-medium-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/07/Captura-de-pantalla-2023-07-11-a-las-17.47.00.png?fit=300%2C144&ssl=1" data-large-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/07/Captura-de-pantalla-2023-07-11-a-las-17.47.00.png?fit=1024%2C493&ssl=1" decoding="async" >
Financial Cards and Payments in Latin America. (Euromonitor)

Argentina is one of the countries where cash continues to circulate strongly, largely due to the inflationary environment. However, it also shows a growth of disruptive fintech companies, while banks are expanding payment possibilities for Argentinians, according to a report by American Market Intelligence (AMI).

Currently, INI operates from the United States, extending its services to Mexico and Argentina, serving clients such as Shell, Banco Comafi, Diario La Voz, Coca-Cola Latin America, and the Arcor Group.

Relative share of the number of transactions in Latin America, 2012 vs 2019-FELABANRelative share of the number of transactions in Latin America, 2012 vs 2019. (Felaban)

" data-image-caption="

Relative share of the number of transactions in Latin America, 2012 vs 2019. (Felaban)

" data-medium-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/07/Captura-de-pantalla-2023-07-11-a-las-17.45.52.png?fit=300%2C176&ssl=1" data-large-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/07/Captura-de-pantalla-2023-07-11-a-las-17.45.52.png?fit=1024%2C600&ssl=1" decoding="async" >
Relative share of the number of transactions in Latin America, 2012 vs 2019. (Felaban)

With the support of Kamay Ventures, the fintech company plans to expand its operations to the rest of Latin America, strengthen its sales teams, and create strategic alliances to access competitive rates.

You may be interested: Credicorp Launches Investment Fund Program for startups in Colombia, Chile, and Peru

Why is it relevant for fintech startups in the region?

  • Various research studies show that when people have access to digital payments, they act as a gateway to other financial services.
  • The fact that 7 out of 10 businesses do not have a digital payment service represents an area of opportunity for startups in the sector.
  • Kamay Ventures’ investment in INI highlights the willingness of venture capital funds to finance innovative solutions in the fintech space.
  • The investment by Kamay Ventures in INI demonstrates the growing interest in fintech services.
  • INI has shown that it is possible to overcome connectivity barriers in the region, suggesting that there is room for innovation in financial services, even in remote areas.

We recommend: Bitcoin’s surge: 300% increase to $120,000 in 2024 with declining miner sales, Standard Chartered predicts

o read the information in detail, visit: América Economía

Previous Article
Krealo-Chile-Colombia-Peru

Credicorp Launches Investment Fund Program for startups in Colombia, Chile, and Peru

Next Article
Ecommerce-Mexico-White Paper-Tukan

Ecommerce in Mexico exceeds $600 billion pesos in authorized sales by 2022

Scaling a startup or scouting for your next deal?
We help you get there faster.