(Photo by Juan Nino on Unsplash)
The Bogotá-based company announced the closing of a Series A for US$24 million. Minka describes its service as “a payment network built from the ground up to improve the interoperability of financial institutions.”
It has been operating in Colombia since 2020 with TransfiYa, a project in partnership with ACH Colombia (a network of banks) that allows people to send and receive payments in real-time only with a cell phone number. According to the company, this system is already used by almost two million people.
Domagoj Rozic, CEO of Minka, said in a statement that the company’s goal is “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.”
For his part, Santiago Fosatti, a partner at Kaszek, the largest fund in Latin America and the one who led the round with Tiger Global, said that he was excited about the partnership. “The Minka network is already having a huge impact on millions of people by enabling their money to move freely and instantly —and the journey is only just beginning!” he added.
FinTech Collective, a firm that led previous rounds, also participated in this one. Carlos Alonso-Torras, its principal, stated: “Having made several investments in payments infrastructure across emerging markets, we think Minka is well-positioned to excel, far beyond Colombia. After promising results powering TransfiYa, we are excited to continue supporting the company’s expansion to other use cases.”
Asked about the total valuation, they said not to want to make it public yet.
According to data from Crunchbase, with this round, Minka has raised a total of US$27.5 million.
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