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Don't worry, we speak : Español (Spanish), too!

Global 66 raises funding to scale remittance platform

Don't worry, we speak : Español (Spanish), too!

Contxto – Chilean fintech Global 66 announced it raised US$3.25 million in January of this year.  But more recently, the startup told Contxto it rallied an additional US$1 million and has thus closed its seed round for approximately US$4.3 million.

Its investors include Venrex, Genesis Management as well as angels William Armitage, Andrew McKay, and Mario Solari. Together, they now hold 25 percent of the startup, according to Diario Financiero.

Global 66 is burning up the road

Since we last wrote about the fintech, it’s expanded its remittance and international transfer service into multiple parts of Latam. Besides Chile, it can be found operating transactions for users in Brazil, Argentina, Peru, Colombia, Mexico, and Ecuador.

Furthermore, according to its founder and CEO, Tomás Bercovich, it now covers 400 different routes. And it has no intention to slam the brakes anytime soon.

The fintech says its fresh funds will be channeled towards scaling further—hopefully into Canada.

But it hasn’t forgotten home and it’s even planning on going beyond remittances. In its native Chile, Global 66 plans to roll out a prepaid transfer service in early 2021.

More money for more runway

Global 66 is the second startup I write about today that’s raised additional funds within a single year. Argentine MURAL closed its Series B for US$118 million having raised US$23 million just last January.

What can I gather from these events?

That these companies’ plans didn’t pan out as they’d hoped for 2020. They turned out even better.

Their products are overcoming barriers that had been worsened by the pandemic. And in the face of a post-Covid era, it will be harder for their users to ditch their solutions and go back to how things were.

So they may be burning through cash for aggressive growth right now. But once the dust settles, they want to ensure they’re amongst the biggest winners.

Related articles: Tech and startups from Chile!

-ML

Mariana López
My topic darlings are startup management, edtech, and all-things pop culture. J Balvin is Latin America's best reggaetonero and I dare you to convince me otherwise.

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