Koibanx raises seed round with an eye set on Mexico

Contxto – Last Thursday (1), Koibanx announced it had closed a seed round for an undisclosed amount. For those of you who haven’t heard about Koibanx, they are a fintech offering back-end platform for banks or other financial institutions to connect APIs. 

The only investor revealed to have participated in this round has been Innogen Capital Ventures They are a VC with a focus on early-stage and growth companies based in Latin America.

We have already talked about Koibanx when they announced that they intended to expand into Mexico once the Covid-19 pandemic allowed them to. 

While no word has been made public from Koibanx Founders about the investment, their plans could be already in motion, since their team of developers is already expanding; surely to improve their products and solutions offered.

It is interesting to see how Koibanx approaches blockchain technology as a complement of their technology, but not as an end in itself.

Koibanx using the tool that is blockchain

Koibanx is currently offering three products in the fintech market: 

Mint

Mint is a payment platform that tokenizes fiat balances—government-issued currency that is not backed by a physical commodity—in financial institutions.

Their platform connects with the financial institutions APIs to turn their assets into tokens on the blockchain. That way, once the asset has been tokenized, money is transferred in a more secure, transparent, and cost-effective way. 

Armonica

Armonica is a platform for cash management that allows users to invest, trade, save, and make payments. This platform is quite useful for SMEs since it allows them to submit their digital invoices and check into the platform to tokenize them too.

Therefore, once the assets are tokenized, Koibanx is opening the market for smaller investors, allowing them to use these tokens to be sold, traded, and re-bought partially and unlimitedly until they are finally paid.

Tokkenit

Tokkenit is kind of like the reward program that incentivizes the use of Koibanx products. It is an app that keeps all the users’ tokens in a single spot. Besides allowing users to check their balance, transfer, or redeem their tokens, they can accumulate exchangeable points for rewards and benefits.

We reached out to Koibanx to deepen into the seed round intentions and participants. We’ll keep you posted as soon as we receive a response or if more information reaches the public surface. 

Stay tuned!

-CM